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A rendering of Bowling Green Park after a proposed beautification.
Projects & Programs > Residential Grant ProgramResidential Grant Program
In the aftermath of the terrorist attacks on September11th, residents of Lower Manhattan have suffered significant hardships, including financial hardships. Launched in 2002 the Residential Grant Program was to provide financial assistance to Lowe Manhattan residents in recognition of the personal, family and living expenses they may have incurred as a result of living in the disaster area.
The Residential Grant Program also recognized that Lower Manhattan's residential population is essential to the continued viability of the area's businesses. Increased housing vacancy rates had a significant negative impact on the area's economic recovery. The increasing vacancies in the rental and owner-occupied housing markets begin a downward economic cycle, reducing business activity, which in turn made living in the area less attractive.
The development of the Residential Grant Program was to encourage individuals to remain in, or move to, housing in Lower Manhattan. The creation of significant incentives was to encourage individuals to renew existing leases, sign new lease agreements, or purchase residential units.
The LMDC created the Residential Grant Program to stabilize the residential community and fuel is resurgence. The program infused $227 million in grants to more than 39,000 households and played a central role in restoring occupancy rates to more than 95% as well in spurring new investment in Lower Manhattan.
Although the Residential Grant Program has ended, occupancy rates in Lower Manhattan remain high. In 2007, the Alliance for Downtown New York conducted a survey of residents in Lower Manhattan. The Results revealed a rapidly evolving population.
Residents noted several of the area's assets as their top reasons for living in Lower Manhattan, including quality of apartment, quality of life, access to mass transit and safety and security.
For more information on Lower Manhattan Market visit www.DowntownNY.Com.