Upper Manhattan Empowerment Zone Development

The Development Corporation is a not-for-profit organization whose mission is to sustain the economic revitalization of all the communities of Upper Manhattan through job creation, corporate alliances, strategic investment and small business assistance. It offers financial assistance to businesses and not-for-profit groups through low-interest loan... s, grants and, in select cases, equity investments. In addition, businesses located in the Empowerment Zone are eligible for certain tax benefits. The Development Corporation is financed by the New York Empowerment Zone, which was established in 1995 with a $250 million commitment shared equally by the United States government, the State of New York through the Empire State Development Corporation, and the City of New York. The New York Empowerment Zone also finances the Bronx Overall Economic Development Corporation. Together, the Upper Manhattan Empowerment Zone and the New York Empowerment Zone work to reinvigorate the distressed communities of Upper Manhattan by using tax incentives and public funds to attract meaningful private investment. Both organizations work to stimulate economic growth and create jobs in the communities of Central, East and West Harlem, Washington Heights and Inwood.Read More