NEW YORK, NY May 25, 2005 —The Lower Manhattan Development Corporation says it will spend its remaining $800 million building neighborhoods in Lower Manhattan. WNYC's Andrea Bernstein reports.

REPORTER: The money includes $50 million for affordable housing, to preserve 2000 units and build 300 new ones. There's also money to encourage tourism in Chinatown and $150 million to create parks and cultural institutions along the East River waterfront

The LMDC's John Whitehead says the infusion of funds will change Lower Manhattan well beyond the borders of ground zero.

WHITEHEAD: 16 Lower Manhattan will be a beautiful, active, and secure place to live and to work and to visit.

REPORTER: Chinatown leaders were ecstatic over the funds, saying the LMDC has responded to community pressure. But some critics say the $50 million for affordable housing is too little, given the billions of dollars in bonds that have been used to support luxury housing.