$8 billion Liberty Bond program launched.Mayor Michael R. Bloomberg, Governor George E. Pataki, Senator Charles E. Schumer and Senator Hillary Clinton today launched the New York Liberty The New York Liberty is a Women's National Basketball Association (WNBA) team based in New York City. They are one of the eight original WNBA teams that began to see action in 1997, as well one of the most successful teams in WNBA history. Bond Program, an $8 billion initiative to provide low cost, tax-exempt bond Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. financing for major projects to revitalize Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North . The city-state program, made possible by federal legislation approved by President George W. Bush last March, is intended to secure significant private sector investments to rebuild Lower Manhattan. The program will work to ensure the city's long-term economic health and establish downtown as a vibrant, mixed-use 24/7 community rich with new commercial, retail, and residential development. "The New York Liberty Bond Program represents a unified and flexible initiative that will allow the city, state, and private sector to jointly rebuild, renew, and enrich Lower Manhattan with new investments," Bloomberg said. "The Liberty Bond Program will help revitalize Lower Manhattan with new construction, renovation, and development, as well as create new jobs for the city. I want to thank President Bush and Congress, especially Senators Schumer and Clinton, for their leadership and direction on the economic stimulus bill, as well as Governor Pataki, Senator Bruno, and Speaker Silver for their efforts on behalf of all New Yorkers." In March 2002, Congress authorized New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of to issue $8 billion of tax-exempt private activity bonds for the construction and renovation of commercial and residential facilities. The city and state have worked together closely to create guidelines for a unified, flexible program. The Liberty Zone is the area located on or south of Canal Street Canal Street may refer to:
The Liberty Bond Program seeks to: * to repair and replace damaged and destroyed commercial space * upgrade existing commercial space * create multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. rental and retail development * provide modem office space for displaced and decentralizing de·cen·tral·ize v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es v.tr. 1. To distribute the administrative functions or powers of (a central authority) among several local authorities. businesses in central business districts throughout the city * attract new residents and employers to New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , and encourage environmentally responsible design and construction. To be considered for financing, projects must be consistent with one or more of these goals and satisfy the application guidelines. The city and state will each allocate $4 billion of the program. Of the total amount, up to $800 million may be issued for retail development in the Liberty Zone, up to $1.6 billion for residential rental projects in the Zone, and up to $2 billion for commercial projects in New York City outside of the Zone. The New York City Industrial Development Agency (IDA Ida (ē`dä), city (1990 pop. 91,859), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural market and railway junction. ) and the New York Liberty Development Corporation (NYLDC) will issue bonds for commercial projects. The New York State Housing Finance Agency The New York State Housing Finance Agency (HFA) was created in 1960 as a public benefit corporation for the purpose of providing safe and sanitary housing accommodations at rental rates affordable to persons and families of low income. (HFA HFA Harvard Film Archive (Harvard University) HFA Harry Fox Agency, Inc. HFA Housing Finance Agency (District of Columbia government) HFA Hyogo Framework for Action HFA High-Functioning Autism ) and the New York City Housing Development Corporation (HDC (Hard Disk Controller) See disk controller. HDC - Disk Controller ) will be the issuers for residential projects. Projects seeking Liberty Bond financing must also meet certain minimum square footage and expenditure requirements. The commercial guidelines require that construction projects located within the Zone must create at least 20,000 SF of commercial space. Construction projects outside the zone, but within the city, must create at least 100,000 SF of contiguous commercial space. Renovation projects within the Zone must renovate at least 50,000 SF of contiguous commercial space and involve expenditures for base building improvements of at least $50 per SF. Projects outside the Zone, but within the city, must renovate at least 100,000 SF of contiguous commercial space and involve base building expenditures of at least $100 per SF. The guidelines for residential projects require the projects be located within the Zone. Projects may entail new construction, conversion of a commercial facility, or substantial renovation of an existing residential facility. Rehabilitation expenditures must equal at least 50% of the amount of New York Liberty Bonds. Both HOC and HFA are requiring an additional public benefit as part of the liberty Bond Program: HOC will impose additional fees to be used to preserve and create affordable housing throughout the City, while HFA will require that at least 5% of the units be affordable to moderate income families. For more information on the New York Liberty Bond Program, contact the bond issuers: New York City Industrial Development Agency, 212-312-3600 or www.new-yorkbiz.com/ LibertyBonds; New York Liberty Development Corporation, 212-803-3766 or www.nyloves-biz.com; the New York State Housing Finance Agency, 212-688-4000 or www.nyhomes.org; and the New York City Housing Development Corporation, 212-227-9783 or www.nychdc.com/libertybonds. |
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