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UnitedHousingFoundation,Inc.v.Forman1975
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95S.Ct.2051Page144L.Ed.2d621,Fed.Sec.L.Rep.P95,206(Citeas:421U.S.837,95S.Ct.2051
SupremeCourtoftheUnitedStates
UNITEDHOUSINGFOUNDATION,INC.,etal.,Petitioners,
v.
MiltonFORMANetal.
StateofNEWYORKandtheNewYorkStateHousingFinanceAgency,Petitioners,
v.
MiltonFORMANetal.
Nos.74--157and74--647.
ArguedApril22,1975.DecidedJune16,1975.
Rehearings.DeniedOct.6,1975.
See423U.S.884,96S.Ct.157.
TenantsoflowincomecooperativehousingprojectbroughtsuitandallegedviolationsoffederalsecuritieslawsandCivilRightsAct.TheUnitedStatesDistrictCourtfortheSouthernDistrictofNewYork,366F.Supp.1117,dismissedforlackofsubjectmatterjurisdiction(诉讼标的管辖权;事物管辖权。是指法院审理和裁决某一类案件的权限范围,andplaintiffsappealed原告上诉.TheCourtofAppeals,500F.2d1246,reversedandremanded,andcertiorariwasgranted(管辖权移转被允许).TheSupremeCourt,Mr.JusticePowell,heldthatsharesofstock(股份whichentitledpurchaserstoleaseanapartmentinastatesubsidizedandsupervisednonprofithousingcooperativewerenot'securities'withinpurviewofSecuritiesActof1933,andSecuritiesExchangeActof1934;andthatvagueandconclusoryallegationunderCivilRightsActwasrequiredtobedismissed.
Reversed.
Mr.JusticePOWELLdeliveredtheopinionoftheCourt.
TheissueinthesecasesiswhethersharesofstockentitlingapurchasertoleaseanapartmentinCo-opCity,astatesubsidizedandsupervisednonprofithousingcooperative,are'securities'**2055withinthepurviewoftheSecuritiesActof1933andtheSecuritiesExchangeActof1934.
Co-opCityisamassivehousingcooperativeinNewYorkCity.Builtbetween1965and1971,itpresentlyhousesapproximately50,000peopleona200-acresitecontaining35high-risebuildingsand236townhouses.Theprojectwasorganized,financed,andconstructedundertheNewYorkStatePrivateHousingFinanceLaw,commonlyknownastheMitchell-LamaAct,enactedtoameliorateaperceivedcrisisintheavailabilityofdecentlow-incomeurbanhousing.Inordertoencourageprivate*841developerstobuildlow-costcooperativehousing,NewYorkprovidesthemwithlargelong-term,low-interestmortgageloansandsubstantialtaxexemptions.ReceiptofsuchbenefitsisconditionedonawillingnesstohavetheStatereviewvirtuallyeverystepinthedevelopmentofthecooperative.SeeN.Y.Priv.Hous.Fin.Lawss11--37,asamended(1962andSupp.1974--1975.Thedeveloperalsomustagreetooperatethefacility'onanonprofitbasis,'s11--a(2a,andhemayleaseapartmentsonlytopeoplewhoseincomesfallbelowacertainlevelandwhohavebeenapprovedbytheState.[FN1]
FN1.Eligibilityislimitedtofamilieswhosemonthlyincomedoesnotexceedsixtimesthemonthlyrentalcharge(orforfamiliesoffourormore,seventimestherentalcharge.N.Y.Priv.Hous.Fin.Laws31(2(a(Supp.1974--1975.Preferenceinadmission