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This entry was published on 2022-04-22
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Urban Development Corporation Act 174/68
Chapter 174 of the laws of 1968
Section 1. Short title.

2. Statement of legislative findings and purposes.

3. Definitions.

4. New York state urban development corporation.

5. Powers of the corporation.

6. Sale or lease of land use improvement projects.

6-a*. Sale or lease of infrastructure projects.
* NB Not implemented due to defeat of the Jobs for the new, New York

bond act in November, 1992

7. Sale or lease of residential projects.

8. Sale or lease of industrial projects.

9. Sale or lease of civic projects.

9-a. Financial assistance for small and medium-sized

business assistance projects.


9-c. Rules and regulations.

9-d. Reports and evaluation.

9-e. Creating a Puerto Rican and Latino business

development center.

9-f. Special assistance for small and medium-sized

businesses which are adversely affected by the

absence of eligible reservists ordered to active

duty with the armed forces.

10. Findings of the corporation.

11. Construction contracts.

12. Subsidiaries: how created.

13. Acquisition of real property.

13-a. Conveyance of state lands.

14. Acquisition of real property from a municipality or

an urban renewal agency.

15. Special provisions relating to residential projects.

16. Cooperation with municipalities.

16-a. Regional revolving loan trust fund.

16-b. Job retention and defense industry working capital

loan program.

16-c. Minority- and women-owned business development and

lending program.

16-d. Urban and community development program.

16-e. Regional economic development partnership program.

16-f. Bonding guarantee assistance program.

16-g. Child care facilities construction program.

16-h. The JOBS Now program is hereby created.

16-i. The empire state economic development fund.

16-j. Strategic training alliance program.

16-k. Capital access program.

16-l. Rural revitalization program.

16-m. The empire state economic development fund.

16-n. Restore New York's Communities Initiative.

16-n*2. Collection of payments in lieu of taxes pursuant to

leases with respect to parcels within the Brooklyn

bridge park civic project.

16-o. The community development financial institutions


16-p. The investment opportunity fund.

16-q. The upstate regional blueprint fund.

16-r. The downstate revitalization fund.

16-s. The upstate agricultural economic development fund

and healthy food / healthy communities initiative.

16-t. Small business revolving loan fund.

16-u. Innovate NY fund.

16-v. New York state business incubator and innovation hot

spot support act.

16-w. Beginning farmers NY fund.

16-x. Dairy promotion act.

16-y. Marketing of agricultural products.

16-z. Marketing orders.

16-aa. Life sciences initiatives program.

16-dd. Community development revolving loan program.

16-ee. Loans to social and economic equity applicants.

16-ff. COVID-19 pandemic small business recovery grant


16-gg. Small business seed funding grant program.

16-gg*2. Division of Broadband Access.

17. Bonds and notes of the corporation.

18. Bond authorization.

19. Security for bonds or notes; construction and

acquisition of projects.

20. Reserve funds and appropriations.

21. Trust funds.

22. Exemption from taxation.

23. Notes and bonds as legal investments.

24. Agreement with the state.

25. State's right to require redemption of bonds.

26. State payments to municipalities and political


27. Remedies of noteholders and bondholders.

28. Monies of the corporation.

29. Assistance by state officers, departments, boards and


30. Reports and evaluations.

30-a. (Enacted without section heading).

31. Court proceedings; preferences; venue.

31-a. Actions against corporation.

32. Special provisions relating to directors of the

corporation and members of the business advisory

council for urban development.

33. Inconsistent provisions of other laws superseded.

34. Construction.

35. Separability.

36. Limitation on new projects

37. Assistance; application and evaluation, generally.

38. Small business and minority-owned and women-owned

business enterprises transportation capital

assistance and guaranteed loan program.

39. Lease and operation of seventh regiment armory.

41. International computer chip research and development


42. New York state modernization projects.

43. 2008 Economic development initiatives.

44. Issuance of certain bonds or notes.

45. NY-SUNY 2020.

46. (Enacted without section heading).

47. (Enacted without section heading).

48. Authorization for transportation infrastructure

finance and innovation act loans.

49. (Enacted without section heading).

50. (Enacted without section heading).

51. (Enacted without section heading).

52. Small business innovation research (SBIR)/small

business technology transfer (STTR) technical

assistance program.

53. (Enacted without section heading).

54. (Enacted without section heading).

54-a. Personal income tax notes; 2022.

54-b. Personal income tax notes.

55. (Enacted without section heading).

55-a. Line of credit facilities; 2022.

55-b. Line of credit facilities.

56. State-supported debt; 2021.

56-a. State-supported debt; 2022.

57. (Enacted without section heading).

58. Gateway project.

58*2. Reporting.

59. (Enacted without section heading).