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We performed the 20th review of the Lower Manhattan Development Corporation’s (LMDC) administration of the $2.783 billion in Community Development Block Grant (CDBG) Disaster Recovery funds awarded to the State of New York in the aftermath of the September 11, 2001, terrorist attacks on the World Trade Center in New York City.  The objective of the audit was to determine whether LMDC disbursed CDBG Disaster Recovery funds in accordance with the guidelines established under the U.S. Department of Housing and Urban Development (HUD)-approved partial action plans for the (1) New York Stock Exchange Security Improvements, (2) East River Waterfront, (3) Lower Manhattan Business Expansion, and (4) Community & Cultural Enhancements programs.  Specifically, we reviewed $5.12 million of the $21.54 million disbursed for the four programs selected for review.

LMDC generally disbursed CDBG Disaster Recovery funds in accordance with the guidelines established under the HUD-approved partial action plans and applicable laws and regulations for the (1) New York Stock Exchange Security Improvements, (2) East River Waterfront, (3) Lower Manhattan Business Expansion, and (4) Community & Cultural Enhancements programs.

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