HUD Funds Demolition of Deutsche Bank Building

NEW YORK CITY-Approximately $164 million of a $176-million plan to revitalize Lower Manhattan will go toward the deconstruction of the Deutsche Bank building that was heavily damaged during the World Trade Center terror attacks as well the construction of a memorial in the footprints of the twin towers. The rest of the funds will go toward community efforts such as the Tribeca Film Festival and administrative costs.

“The programs funded under this plan will help provide a permanent tribute to the families and friends we lost and will breathe new life into a vibrant Lower Manhattan,” says HUD Secretary Alphonso Jackson.

Since the tragedy, HUD has announced more than $3.4 billion in direct assistance to New York to help local businesses and residents and to begin the work of redeveloping the area. Proposed by the Lower Manhattan Development Corp., the funding plan will also stimulate cultural development and tourism by promoting the Tribeca Film Festival and the Splendor of Florence. The film festival has brought in more than $60 million in revenues. The Splendor of Florence Festival is new to New York. It celebrates the artistic, cultural, musical and culinary contributions Florence, Italy.