HUD APPROVES $176 MILLION PLAN FOR DECONSTRUCTION OF DEUTSCHE BANK BUILDING, CULTURAL PROGRAMS AND LOWER MANHATTAN TOURISM
Federal funding to help development of World Trade Center Memorial

NEW YORK - Since September 11^th, 2001, the Deutsche Bank Building at 130 Liberty Street has remained unoccupied-a severely damaged remnant of the devastation inflicted by the terror attacks on the World Trade Center. Under a $176 million plan approved today by the Department of Housing and Urban Development, the Deutsche Bank building will be deconstructed. Nearby, in the footprints of the Twin Towers, a new memorial to the victims of terrorism will emerge.

"HUD is proud to stand shoulder-to-shoulder with New York to revitalize Lower Manhattan into the crowning jewel of this spectacular City," said HUD Secretary Alphonso Jackson. "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."

Since September 11^th, HUD has announced more than $3.4 billion in direct assistance to New York to help local businesses recover from the disaster; to provide residential assistance grants to encourage tenants to remain or locate in Lower Manhattan; and, to begin the work of redeveloping the area. HUD has also encouraged the development of more than 300 units of affordable housing in New York's recovery plans.

World Trade Center Memorial and Cultural Program

A World Trade Center Memorial and Cultural Program is intended to counter the blighting effect of the events of September 11^th. The project will ultimately help provide a permanent memorial to the victims of the terror attacks on that day as well as to those who were killed in Shanksville, Pennsylvania, the Pentagon and to those who died in the terrorist bombing of the World Trade Center on February 26, 1993.

Designed by architect Michael Arad and landscape architect Peter Walker, Reflecting Absence features reflecting pools within sunken voids that encompass the footprints of the Twin Towers within a grove of trees and provides a final resting place for the unidentified remains of those killed. The memorial will be set within the context of a busy urban environment yet will offer a quiet and respectful setting for remembrance and contemplation. For more information about the memorial and to view an artist's rendering of the winning design, visit www.wtcsitememorial.org/fin7.html.

Lower Manhattan Tourism

Proposed by the Lower Manhattan Development Corporation (LMDC), the funding plan will also stimulate cultural development and tourism by promoting The Tribeca Film Festival and the Splendor of Florence.

Since 2002, the Tribeca Film Festival has been a major cinematic event attracting hundreds of thousands of visitors to Lower Manhattan. The festival is a critical and popular success and has generated more than $60 million in revenues for Tribeca merchants in its first two years. In addition to screening productions of new filmmakers, the Tribeca Family Festival offers a culturally diverse street fair and family celebration over a seven-block stretch of Greenwich Street. A three-day Drive-In also provides film lovers an opportunity to watch classic movies on nearby Pier 25.

The Splendor of Florence Festival celebrates the artistic, cultural, musical and culinary contributions of one of Italy's premier artistic showcases - Florence. The Festival enjoyed great success in Providence, Rhode Island, and Philadelphia and promises to offer New Yorkers and tourists to Lower Manhattan a wide variety of cultural and artistic events at a number of venues.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and 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 on the Internet and espanol.hud.gov.