Downtown planners have revised a proposal for rent rebates for lower Manhattan residents in a way that would double the benefits to hundreds of apartment dwellers affected by the Sept. 11 terror attack.
The altered proposal will be presented for a vote to the board of the Lower Manhattan Development Corp. next Tuesday.
The new plan enlarges the boundaries of the so-called immediate-impact zone of residents near the demolished trade center by pushing the eastern line from Broadway to Nassau Street, said sources familiar with the proposal.
That will allow hundreds more residents to qualify for the maximum benefit of up to $12,000 over two years.
Residents can qualify for one of the housing-assistance grants by signing a two-year lease on an apartment in the affected area.
Property owners can receive benefits by committing to live in their downtown residences for at least two years.
Under the revised proposal, which has yet to be reviewed by the mayor and the governor, the immediate-impact zone covers apartments south of Chambers Street and west of Nassau Street and includes all of Battery Park City. The eastern boundary follows Nassau Street to Exchange Place to Broadway.
A second zone covers all properties south of Canal and Rutgers streets but outside the immediate-impact zone. Residents in that area can qualify for a maximum of $6,000 over two years if they sign a lease for that period.
Under the revised plan, which was finalized Tuesday, the total cost of the program is expected to reach $300 million – up from earlier projections of up to $220 million.
If the revised plan is approved by the LMDC, it will then be passed on for approval by the federal Department of Housing and Urban Development, which is providing the funding.
After it was announced in draft form in February, landlords in Battery Park City and elsewhere in lower Manhattan said they saw a surge in new tenants moving into the battered area.
Madelyn Wils, an LMDC board member who worked on the revision, refused to discuss details of the plan, although she called the new boundaries “a rational extension.”
Meanwhile, the LMDC said it hired former assistant federal prosecutor Irene Chang as its top lawyer and Patrice Derrington to supervise real-estate and financing issues.
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Residents within the proposed immediate impact zone could receive up to $12,000 over 2 years in rent subsidy.
Proposed immediate impace zone: Original impace zone was within the solid lines. Expanded zone now includes area within dotted lines.