"Developers took their time. They have analyzed it to see whatthey could do," explains Richard Bassuk, president of the Singer& Bassuk Organization and chairman and CEO of the BassukOrganization. His company arranges debt and equity financing andprovides consulting services for property owners. He is currentlyquarterbacking three Liberty Bond deals in the Lower ManhattanLiberty Zone.

All of his clients interested in utilizing the Liberty Bondprogram are those who have developed properties in Lower Manhattanpreviously, however many would not be doing it without the LibertyBond incentive. "They are critical to the success of Downtownrevitalization," Bassuk believes.Lower Manhattan might take on adifferent look as developers are aiming to create communities, notjust apartments, he says."What's good socially is good business. Ittakes a different kind of expertise to go from commercial toresidential." "They see realistic economic opportunity, havecapital and experts to deal with complicated developmentscenarios."

The federal government instituted the Liberty Bonds programafter Sept. 11 to revitalize Lower Manhattan. The bonds aretax-exempt enabling developers to borrow at cheaper rates. Thefederal Liberty Bond program designated about $1.6 billion forresidential construction. The city also approved $400 million inLiberty Bonds for 7 World Trade Center.

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