Upper Manhattan Empowerment Zone Development Corporation Revenue and Competitors

Mission: to sustain the economic revitalization of all communities in Upper Manhattan through job creation, corporate alliances, strategic investments, and small business assistance. Founding History: Upper Manhattan was designated as an urban empowerment zone (Empowerment Zone) under federal legislation authored by Congressman Charles B. Rangel and signed into law by President Clinton in 1994. The Upper Manhattan Empowerment Zone Development Corporation (UMEZ), which is an independent not-for-profit corporation, was formed in response to the federal empowerment zone legislation. Funding for UMEZ is provided by the federal government with matching amounts from the City of New York and the State of New York. UMEZ’s ongoing operations are not dependent on the extension of the federal empowerment zone legislation, which has been extended periodically, and UMEZ expects to continue to operate if the Empowerment Zone designation expires. Where & Who: UMEZ facilitates economic development in West, Central, and East Harlem; Inwood; and Washington Heights. Joseph J. Johnson; President & CEO: Kenneth J. Knuckles. Impact: By the close of 2014 UMEZ provided funding for: --$95 million in grants focused on arts and culture and workforce development --$73 million in loans to mixed-use real estate development projects, commercial businesses, and small business enterprises --$57 million in tax-exempt bonds for real estate development projects for a total of almost $225 million of investments. UMEZ investments have leveraged over $1 billion of private capital invested in Upper Manhattan, and this commitment has created nearly 10,000 direct jobs thus far.