Residents eligible for the grants may apply online by visiting www.RenewNYC.com or by calling the hotline at 1-866 RenewNY (1-866-736-3969. All leases must commence on or prior to Saturday, May 31 for new residents to be eligible. An LMDC spokesperson tells GlobeSt.com that the group recently went door to door in an effort to spread the word about the application deadline.

"The Lower Manhattan Development Corporation is committed to downtown residents," says Lower MDC interim president Kevin M. Rampe. "As the rebuilding process goes forward, a thriving community base will be the cornerstone of Lower Manhattan's revitalization."

The $306 million dollars allocated for the Residential Grant Program is part of a $2 billion grant from HUD's Community Development Block Grant Program. The program establishes three zones of eligibility and offers three types of grants to owners and renters living south of Delancey and Kenmare Streets: the September 11, 2001 Residents Grant; the Family Grant; and the Two-Year Commitment-Based Grant. Funds are distributed based on proximity to Ground Zero.