CARNEGIE CORPORATION GIVES A GRANT TO REBUILD CHINATOWN’S ECONOMY IN THE WAKE OF SEPTEMBER 11

ANOTHER GRANT TOWARD THE CORPORATION’S $10 MILLION 9/11 PLEDGE

New York, NY—June 11, 2004. Carnegie Corporation of New York announces a grant of $90,000 to revitalize Chinatown’s economy after the tragic events of September 11, 2001. The grant to Asian Americans for Equality, Inc., a not-for-profit organization committed to community service and empowerment targeting immigrants, low-income families and minorities throughout New York City, will support public education and outreach around a community-driven, collaborative planning project called the Rebuild Chinatown Initiative.

“As the largest ethnic Chinese neighborhood in the United States, New York’s Chinatown is both a vibrant immigrant community and a vital economic force within the city,” said Vartan Gregorian, president of Carnegie Corporation of New York. “Located within a half mile of the World Trade Center site, Chinatown has been adversely impacted by September 11 due to ongoing security measures and infrastructure disruptions. However, Chinatown has demonstrated great courage and resilience after the attacks and with the help of partners like Asian Americans for Equality, that courage can help rebuild and revitalize all of lower Manhattan.”

“The stresses of September 11 exposed longstanding Chinatown community issues, such as a near complete lack of affordable housing opportunities, dangerous and congested vehicular and pedestrian traffic conditions, insufficient parking facilities, unclean streets and few recreational facilities,” said Geri Mannion, chair of the Strengthening U.S. Democracy Program at the Corporation. “As plans move forward for a major revitalization of lower Manhattan, the Rebuild Chinatown Initiative has been developed to engage Chinatown residents, businesses, and public agencies in the preservation and revitalization of the area.” The Corporation’s support will be used to widely disseminate and promote the initiative’s recommendations to stakeholders in the city and particularly in lower Manhattan.

In 2001, the Corporation pledged an additional $10 million to support programs, initiatives and service organizations aversely affected by the tragedy of September 11th. Since that time $9 million dollars has been awarded in the names of those killed in New York, Washington, D.C. and the fields of Pennsylvania to twelve different institutions. More information about those grants can be found at www.carnegie.org. Carnegie Corporation of New York was created by Andrew Carnegie in 1911 to promote "the advancement and diffusion of knowledge and understanding." As a grantmaking foundation, the Corporation seeks to carry out Carnegie's vision of philanthropy, which he said should aim "to do real and permanent good in the world." The Corporation's capital fund, originally donated at a value of about $135 million, had a market value of $1.8 billion on September 30, 2003. The Corporation awards grants totaling approximately $80 million a year in the areas of education, international peace and security, international development and strengthening U.S. democracy.