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  5. 25 N.Y.2d 146 (1969)
 

CITY OF N. Y. (SHOREFRONT H. S.-RUDNICK

25 N.Y.2d 146 (1969)

In the Matter of the City of New York, Appellant, Relative to Acquiring Title to Real Property Bounded by Avenue X and Other Streets in the Borough of Brooklyn, Selected as a Site for Shorefront High School. Edythe Rudnick et al., Respondents.

Court of Appeals of the State of New York.

Decided July 2, 1969.

Attorney(s) appearing for the Case

J. Lee Rankin, Corporation Counsel (Milton H. Harris and Stanley Buchsbaum of counsel), for appellant.

David I. Shivitz and Samuel H. Grant for respondents.

Chief Judge FULD and Judges BURKE, SCILEPPI, BERGAN and BREITEL concur.

JASEN, J.

As a means of fostering low-cost housing in the State's urban centers, the Legislature in 1961 enacted the Limited-Profit Housing Companies Law (Private Housing Finance Law, art. 2), also known as the Mitchell-Lama Law. This statute provides for the formation of private limited-profit housing companies which may borrow, on mortgages from the State or municipality, up to 95% of the development costs...

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