New York State Governor Malcolm Wilson Urban Development Corporation Task Force Report on the Urban Development Corporation

Governor Malcolm Wilson established the Urban Development Corporation Task Force in September 1974 in response to months of difficulties encountered by the UDC in acquiring the private investment funds needed for its operating expenses.

Governor Wilson charged the Task Force to: review the operation, financial structure, and extent and nature of the projects and obligations of the UDC; and make recommendations regarding the role of the state in strengthening the capacity of the UDC to carry out its housing and community development programs and assuring that it continues to obtain necessary financing from private investors.

The Task Force held five formal meetings to receive and review information about the UDC, to hear testimony of the Chairman and President of the UDC, and to formulate its findings and recommendations. The Task Force organized its study and presented its findings in several major areas: status of UDC's programs; management and operations of the UDC; UDC's financial status; evaluation of UDC projects; status of UDC's project commitments; and considerations regarding future UDC programs.

The Task Force submitted its report to the Governor and Legislature on December 26, 1974.

This series consists of the Task Force's unpublished report to the Governor and Legislature. The report is organized into two "volumes." Volume I (8 pages) contains a summary of the Task Force's work and lists its findings and recommendations.

The recommendations included: program changes to reduce UDC's financial obligations; increased state supervision of UDC management and direction; establishment of a project loss reserve fund to increase private investor confidence in the UDC; and development of a comprehensive state housing and community development policy.

Volume II contains the background papers developed for the Task Force on questions concerning the UDC, including comments of UDC officials, upon which the findings and recommendations were based. The materials cover such issues as: UDC financial background and analysis; role of the Board of Directors; residential project development procedures; short-term and 50-year cash flow; commercial projects; industrial projects; and civic projects.

The series contains two copies of the report. Most of the material is duplicated in the two copies, but each copy contains some material not present in the other copy.

There are no restrictions regarding access to or use of this material.