View state supplements to the national underwriting manual.
|“Urban renewal” is the process through which neighborhoods are upgraded through clearance and redevelopment or through rehabilitation and the installation of new, or modernization of existing public improvements. Urban renewal activities may be funded with a combination of federal and local funds, or strictly with private monies.|
|The term “urban renewal” is frequently used to refer to a federal program, established under Title I of the Housing Act of 1949, for large scale slum clearance and urban revitalization. Under the program, local governments use the power of eminent domain to acquire sites in blighted areas, clear the land, and resell it to private developers. The public agency receives a subsidy in the form of a land writedown to defray the cost of furnishing services and installing facilities for the sites. Urban renewal is one of several categorical grant programs which have been placed by the community development block grant program.|
|In this respect, and if records show that the property is within an established Urban Renewal Area Plan, a proper exception must be shown in Schedule B of the commitment or policy.|