Rebuilding and Reconstruction Initiatives
Federal Guarantee of Reconstruction Bonds
Objective:
To further reduce interest costs on the tax-exempt debt issuance, ensuring the creation of
replacement office space that offers reasonable occupancy costs.
Program Description:
A federal guarantee for the anticipated issuance of up to $15 billion of triple tax-exempt
bonds will further lower the cost of financing the redevelopment of the approximately 25
million square feet of destroyed and damaged office space. Federal legislation is required
to provide the guarantee. The combination of a federal guarantee with tax-exempt debt
could result in interest rates as low as 4%.
Eligibility:
The federal guarantee on the tax-exempt debt will only be available for office space
redeveloped in Lower Manhattan.
NYC-WTC 000136443
OCR can misread numbers and units. Confirm readings against the page image before using them.
NYC-WTC_000136443Source: NYC Law Department, mirrored locally
Comprehensive FAQ addressing downtown building access, reopening areas, property manager contact procedures, and building damage status in lower Manhattan.