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DRAFT FOR ATTORNEY REVIEW — NOT FINAL

Narcisa Lopez v. Henry Phipps Plaza South, Inc., 498 F.2d 937 (1974)

Citation
Narcisa Lopez v. Henry Phipps Plaza South, Inc., 498 F.2d 937 (1974)
Parent Document
Narcisa Lopez v. Henry Phipps Plaza South, Inc., 498 F.2d 937 (1974)
Effective Date
1974-06-18

Other Sections in This Document (71)

Full Text

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ing project for low and middle income families in New York City pursuant to the Bellevue South Urban Renewal Plan. The law provides for extensive supervision of the organization, planning and operation of redevelopment companies by New York City’s Housing and Development Administration. Phipps’ certificate of incorporation declares that it “has been organized to serve a public purpose”; that the Housing and Development Administration may remove any director from office if the company fails to comply with the Administration’s requirements; and that Phipps shall remain subject to the Administration’s supervision and control on a permanent basis. New York City acquired the land by exercise of its power of eminent domain and conveyed it to Phipps by a deed which incorporated by reference a' detailed agreement, theretofore approved by the New York City Board of Estimate, with respect to the construction and operation of the project. The property enjoys a 25-year exemption from real estate taxes, other than assessments for local improvements, and so much of its value as exceeds the assessed value at the time of acquisition by the City. Phipps benefits from interest reduction payments provided in § 236 of the National Housing Act, 12 U.S.C. § 1715z-l, and participates in the federal rent supplement program, 12 U.S.C. § 1701s. Participation in a § 236 program is conditioned on the execution of a Regulatory Agreement with the Federal Housing Administration ; this provides, inter alia,