TY  - SER
AU  - Peterson,  Eric David 
TI  - Urban Development Corporation’s “Imaginative Use of Credit”: Creating Capital for Affordable Housing Development
PY  - 2019///
PB  - Sage
KW  - subsidized housing
KW  -  finance,
KW  - Urban Development Corporation,
KW  - municipal bonds
KW  -  New York City
KW  -  Nelson Rockefeller
N2  - Heralded as an innovative if short-lived builder of affordable housing, in 1975, the New York State Urban Development Corporation (UDC) defaulted on more than $2 billion in debt obligations and narrowly avoided bankruptcy. Offering the first detailed examination of its finances, this article argues the UDC was prescient of a new model for public-private housing finance that in the 1980s emerged in the ashes of conventional, state-financed public housing. In response to many of the long-standing challenges with government-produced housing, particularly inadequate funding, the UDC’s creation presaged the debt-driven model of development which would mature in the subsequent decades. While many scholars continue to reify criticism of government-created housing projects often on the basis of design or policy defects, the UDC’s failure highlights the importance of financial and political support in shaping the success of subsidized housing
UR  - https://doi.org/10.1177/0096144218796466
ER  -