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TYPES OF PROGRAMS (1/4)
• Federal Emergency ManagementAgency (FEMA) ($8.798 billion)– Funds primarily to recovery-related costs, assistance to
individuals, renovation, construction of mass transit infrastructure.
– June 2003, additional funds released to study health impact of attacks on fire fighters, police, etc.
TYPES OF PROGRAMS (2/4)
• Liberty Zone Tax Benefits (approx. $5 billion In forgone revenue, although new estimates are lower) include:– Employee tax credits (for example, the Work Opportunity
Tax Credit) – Depreciation allowance– Private Activity Bonds (a/k/a Liberty Bonds)
TYPES OF PROGRAMS (3/4)
• Community Development Block Grants (CDBG) ($3,483 billion)– Funds from the U.S. Department of Housing and Urban
Development (HUD) to theEmpire State Development Corporation (ESDC) & Lower Manhattan Development Corporation (LMDC)for revitalizing lower Manhattan.
– HUD waived the usual low- and moderate-income targeting restrictions on CDBG funds.
– ~ $1.1 billion remains unallocated
TYPES OF PROGRAMS (4/4)
• Transportation ($2,347 billion)– The Federal Transportation Administration and Federal
Highway Administration, along with FEMA, will control funds for intermodal transit projects and street level improvements in lower Manhattan
– Priority projects include a WTC transit hub, Fulton Street Transit Center and South Ferry Terminal.
CONFIDENTIAL
7
What Does the Future Hold?
Despite the positive trends, time from initial investment to exit is at an historic high of greater than 6 years!
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CONFIDENTIAL
8
NOT
What Does the Future Hold?
Despite the positive trends, time from initial investment to exit is at an historic high of greater than 6 years!
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