The New York Empowerment Zone (EZ) was created in 1996 to revitalize the marketplace in Upper Manhattan and the South Bronx. The zone is a federal economic development initiative that uses public funds and tax incentives to encourage private investment in the area. Businesses that qualify and operate in the EZ may be eligible for an employer wage credit for increased depreciation tax deductions and tax-exempt bond financing.

Neighborhoods in the zone include Central, West and East Harlem; Inwood and Washington Heights; Hunts Point, Port Morris, Mott Haven, Highbridge and west of the Grand Concourse up to 176th Street.

Businesses in the Upper Manhattan Empowerment Zone can take advantage of programs administered by the Business Resource and Investment Service Center (BRISC). BRISC provides technical advice to new and expanding businesses; business financing, including direct loans to qualifying small businesses; entrepreneurial assistance, including business plan preparation and the creation of financial statements; and access to a resource library and training.

Businesses in the Bronx Empowerment Zone can access financing at very affordable terms in return for their commitment to hire Bronx Empowerment Zone residents. Available programs can be used to finance real estate purchases and improvements, equipment and machinery and working capital. Among the features of this program are below-market fixed-interest rates, long-term financing and very low fees.

Upper Manhattan Empowerment Zone Development Corporation (UMEZ)
290 Lenox Avenue
New York, NY 10027
(212) 410-0030
Fax: (212) 410-9616

The Bronx Overall Economic Development Corporation (BOEDC)
198 East 161st Street, Suite 201
Bronx, NY 10451
(718) 590-7790
Fax: (212) 590-3499