The Upper Manhattan Empowerment Zone Development Corporation ("UMEZ") was established in 1994 after the federal government designated certain areas of Central, East, and West Harlem, Washington Heights, and Inwood sections of New York City as an "urban empowerment zone." This Zone designation authorized businesses there to receive tax incentives to stimulate economic growth, create job opportunities, promote business expansion, and increase investments within these communities.
Until recently, Congress extended the NYC Zone's designation through December 31, 2009; extensions have been made each year periodically. UMEZ can still operate despite this Zone designation's expiration, as it disburses funds in the form of loans and grants for selected recipients. Ultimately, UMEZ strives to foster a more vibrant economy within its area.