Urban Development Corporation, New York State
The UDC was created as a public-benefit corporation, Laws of 1968 (Chapter 174), to generate industrial, commercial, and civic development in distressed urban areas and to create jobs through construction of low and moderate income housing and the renovation or expansion of industrial and commercial facilities. It originally concentrated on initiating and implementing large-scale housing development to low- and moderate-income people. In the mid-1970s, the UDC had become overextended and its capital base was in danger.