El Barrio Theatrical District using the available theaters at the Julio de Burgos Center, the East Harlem Multi-Service Center at 120th St, the Red Carpet Theater in Taino Towers, and the Hecscher Theater at El Museo, del Barrio on Fifth Avenue. This program encourages building or renovation of commercial and industrial facilities to retain and create jobs. Location determines the amount of tax benefit for each commercial property. In December 1994, New York City was designated as one of the six urban Empowerment Zones. Businesses located within the zone are eligible for a number of benefits such as employee wage credits, accelerated depreciation and bond financing.
Block grants are also available for community developments projects.
The New York City Empowerment Zone encompasses portions of Upper Manhattan and the South Bronx. The vacant property within the East Harlem's Portion of the Empowerment Zone has the potential to produce thousands of jobs. The vacant storefronts could be converted into professional technology offices, with residence in the rear. They are also eligible for real property tax exemptions and land tax abatements from New York City, as well as reductions from local gas, electric and telephone companies. Significant progress has been made by the City's EDC to fill that zone with local expanding businesses.