New York State Urban Development Corporation

CURRENT FUNCTIONS. The Urban Development Corporation (UDC) is a public finance and development authority that initiates and assists in a broad range of development projects. UDC's overall goal is to create and retain jobs, particularly in economically distressed areas and in circumstances where it is not financially or organizationally feasible for the private sector to do so alone.

To accomplish this, the State legislature has provided UDC with unique statutory powers, including the powers to condemn real property, to invest in property at below-market interest rates, to issue tax-exempt and non-tax-exempt bonds, to offer tax benefits to developers, and to provide flexibility in the application of local codes. UDC addresses the economic needs of the State in the following seven areas: industrial development, downtown development, university research and development, regional economic development, minority and women-owned business development, new communities, and planning and special projects.

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