District of Columbia Urban Development Corporation Act

District of Columbia Urban Development Corporation Act - Title I: General Provisions - Declares that there exists in the District of Columbia substantial and persistent unemployment with the lack of sufficient educational housing facilities and private funding sources which make it necessary for Congress to institute the following policies: (1) promote the health, safety, and welfare of its inhabitants by the creation of a corporate public body to be known as the District of Columbia Urban Development Corporation; (2) the purpose of such Corporation shall be the improvement and rehabilitation of substandard areas within the District; (3) pursuant to this Act the District and Federal Governments shall cooperate to fulfill the goals of this Act; (4) the Corporation shall encourage local initiative and employment; and (5) the Corporation shall encourage a high standard of human living.

Defines specific terms used in accordance with this Act.

Title II: Organization of the Corporation - Establishes the District of Columbia Urban Development Corporation as an instrumentality apart from the United States Government or the District Government whose affairs shall be managed by a board of directors. Specifies that there shall be 15 directors.

Directs that there shall be no salary paid to such directors with the exception of the president of the Board of Directors but that each shall be entitled to reimbursement for necessary expenses provided that the aggregate of any per diem allowance shall not exceed the sum of $1,000 in any one year. Directs the Commissioner of the District of Columbia to remove any director appointed by him for neglect of duty or misconduct in office, after such director has had the opportunity to be heard as to the charges against him. Specifies that no officer or director or employee of the corporation shall be subject to personal liability while acting within the scope of his authority within the corporation.

Requires that any director shall disqualify himself from participating in decisions in which he has a direct or indirect financial interest.

Title III: Powers of the Corporation - Enumerates those powers granted to the corporation. Provides that under such powers the corporation, according to limits and specifications indicated in this Act, may undertake any of the following projects: (1) presidential projects; (2) redevelopment projects; (3) industrial projects; and (4) new community projects.

Provides that in planning such projects the corporation is to consult with residents of the proposed project area and to the extent possible take account of the views of the residents of the proposed project area.

Requires that no project be undertaken unless approved by an absolute majority of the board of directors.

Directs the corporation within specified time periods to post a notice within the proposed project area informing persons to be affected of their opportunity to participate in the planning process. Provides that the corporation shall make available to the public the general project plan by filing such plans with the corporate officers, posting notices, and making announcements of the filing over at least one radio and television station licensed by the Federal Communications Commission for the District of Columbia.

Specifies the time and place at which a public hearing shall be held on such project giving any person the opportunity to appear in person or to submit written comments. Requires that no project shall commence until the corporation has provided to all persons who appeared at the hearing copies of the corporation findings based on the hearings.

Directs the corporation to comply with all local rules and regulations concerning real property and zoning unless a majority of the board finds that such compliance will obstruct a project and petition is made to the District of Columbia Council for an exemption to such regulations.

Permits the corporation to sell or lease any project without public bidding and to give notice in the District of Columbia Register and one paper of general circulation in the District stating whom the transferee is and the proposed use except in such cases where sale or lease was made to a governmental agency or a nonprofit development corporation.

Specifies that the corporation may exercise its powers through subsidiary branches and eminent domain. Provides that the corporation shall have the power to be appointed receiver of property upon petition and appointment by the Superior Court of the District. Indicates that the corporation shall have all the powers and duties of a receiver to remedy an existing substandard housing situation. Prohibits construction, improvement, or commencement of a project unless adequate provision is made for the relocation in decent and safe housing for all persons who will be displaced by the implementation of a proposed project. Directs that the corporation shall make dislocation payments to individuals displaced by the corporation in an amount equal to those payments provided to displaced persons under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970.

Specifies those rules, regulations, and procedures under which contracts are to be awarded by the corporation.

Title IV: Finances of the Corporation - Authorizes the corporation to meet such expenses as it may incur through any and all sources of money appropriated to it through Congress. Authorizes the corporation to issue negotiable bonds in an aggregate amount not to exceed $75,000,000 according to specified terms of sale, dates of maturity and rates of interest. Specifies those provisions which shall be a part of the contract between the holder of the bond and the corporation. Permits the corporation to enter into any deed of trust indenture or other agreement with any bank, individual or the United States which also has the power to enter into such agreement for the purpose of establishing security for such bonds. Specifies those provisions which may be included in such deed of trust or agreement.

Specifies the provisions and procedures for refunding bonds. Authorizes the corporation to include a pledge of the United States Government and the District governments stating that neither will limit those rights vested in the corporation to fulfill the terms of agreements made with bondholders or impair the rights and remedies of the bondholder.

Directs the manner in which moneys are to be paid to the corporation under this Act. Authorizes the Commissioner of the District of Columbia to examine the books and accounts of the corporation from time to time.

Subjects the corporation to the payment of local and Federal taxes assessed against it.

Title V: Miscellaneous Provisions - Directs the corporation to file an annual report with the District government, the Secretary of Housing and Urban Development and its principal office containing specified information including its operations, accomplishments, and a statement of its objectives.

Provides that the corporation shall maintain and allow public access to its records and shall provide facilities for rereproducing its records at reasonable costs. Subjects the corporation to liability for tortious acts committed by any of its agents acting within the scope of their authority. Authorizes an appropriation of $2,000,000 to enable the corporation to commence its operations.