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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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LEARNER EXPECTATION• Content Standard

• 14.0 The student will investigate energy and its uses.• Learning Expectations

• 14.2 Recognize that sound is produced when objects vibrate.