Tens of thousands of jobs in Lower Manhattan will be retained or created because of a $350 million plan approved by Secretary Martinez. The action is the second installment of a $2 billion HUD grant, the largest single grant in Department history, designed to help businesses suffering from last year's terror attacks that forced many employers and jobs to leave Lower Manhattan.

This summer, HUD approved a $306 million plan to keep and attract residents who live and work in Lower Manhattan and to reimburse New York for the costs of an interim memorial to victims of September 11th. In addition, HUD provided New York $700 million to compensate businesses for economic losses following the attacks and to retain businesses and attract new companies and jobs to Lower Manhattan.

In an announcement on Monday, November 25, Secretary Martinez said: "Today's announcement is another example of the Bush Administration's commitment to the citizens of New York City. We are committed to retaining and encouraging new jobs in Lower Manhattan."

"This grant is critical as we continue to work together at all levels of government to rebuild our city, revitalize our economy and bring new jobs and economic opportunities to Lower Manhattan," said New York Governor George Pataki. "On behalf of all New Yorkers, I want to thank President Bush and Secretary Martinez for providing this vital assistance."

New York City Mayor Michael Bloomberg said, "The continued resurgence of Lower Manhattan is essential to revitalize New York City and keep the economy growing. Business, both large and small, needs this assistance in order to continue to form and flourish and I can't thank President Bush and Secretary Martinez enough for their unflagging support."

Administered by the Empire State Development Corporation (ESDC), the Lower Manhattan Development Corporation (LMDC), and the New York City Economic Development Corporation (EDC), the plan will have three components:

Read the full news announcement.

Read more about HUD Actions to Help American Families Following the September 11, 2001 Terrorist Attacks.