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HUD Archives: News Releases
BUSH ADMINISTRATION ANNOUNCES $350 MILLION TO HELP LOWER MANHATTAN
BUSINESSES
|
World Trade Center Business Recovery Program | $ |
150
|
million
|
Small Business Attraction and Retention Program | $ |
50
|
million
|
Job Creation and Retention Program | $ |
150
|
million
|
Total
|
$ |
350
|
million
|
World Trade Center Business Recovery
This program will help businesses and non-profit organizations with fewer than 500 employees and located south of 14th Street. This $150 million investment is expected to keep 225,000 jobs at those organizations receiving the assistance and another 150,000 jobs at businesses indirectly affected by the activities of those assisted organizations. Businesses located closest to ground zero will be eligible for grants up to $300,000.
Small Business Attraction and RetentionSmaller companies with fewer than 200 employees will be eligible for grants of up to $3,500 per worker. LMDC planners anticipate this grant program will directly help create or keep 65,000 jobs in Lower Manhattan and indirectly stimulate the employment of another 30,000 individuals.
Job Creation and RetentionThe World Trade Center Job Creation and Retention Program offers grants, loan guarantees and low-cost loans to help larger firms that were displaced from their workspace for at least one month. Organizations with more than 200 workers in Lower Manhattan, as well as firms willing to locate in the downtown area, are expected to retain or create up to 255,000 jobs, both directly and indirectly, because of this program.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available and its programs is available on the Internet.
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Content Archived: April 9, 2010
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