U.D.C. ‘FEARS’ STOPS A BILLION IN WORK
highly publicized fiscal problems of Urban Development Corp halt construction of more than $1-billion in nursing homes, hosp additions, facilities for handicapped and other state projects by concerned investors; local groups planning such projects have already spent $50-million in expectation of state financing; projects were to be financed by same sort of 'moral obligation' bonds that UDC has used, which lack full credit but which state has commitment to support; both State Housing Finance Agency and Med Care Facilities Finance Agency have notified respective state depts to halt further bldg plans; $22-million in Mental Hygiene Dept projects are in abeyance; Paul Belica of both housing and med care financies agencies" cites 3 factors forcing delays: gen crowding of mkt for tax-exempt securities, near collapse of UDC and impact of legis proposed by Controller Levitt that will phase out 'moral obligation' financing (M)