N.Y. Private Housing Finance Law § 101: Policy of state and purpose of act

§ 101. Policy of state and purpose of act. It is hereby declared

that in certain areas of municipalities located within this state there

exist substandard conditions and insanitary housing conditions owing to

obsolescence, deterioration and dilapidation of buildings, or excessive

land coverage, lack of planning, of public facilities, of sufficient

light, air and space, and improper design and arrangement of living

quarters; that there is not in such areas a sufficient supply of

adequate, safe and sanitary dwelling accommodations properly planned and

related to public facilities; that modern standards of urban life

require the housing be related to adequate and convenient public

facilities; that the aforesaid substandard and insanitary conditions

depress and destroy the economic value of large areas and by impairing

the value of private investments threaten the sources of public

revenues; that the public interest requires the clearance, replanning,

reconstruction and neighborhood rehabilitation of such substandard and

insanitary areas, together with adequate provision for recreational and

other facilities incidental and appurtenant thereto according to the

requirements of modern urban life and that such clearance, replanning,

reconstruction and neighborhood rehabilitation are essential to the

protection of the financial stability of such municipalities; that in

order to protect the sources of public revenue it is necessary to

modernize the physical plan and conditions of urban life; that these

conditions cannot be remedied by the ordinary operations of private

enterprise; that provision must be made to encourage the investment of

funds in corporations, partnerships and trusts engaged in providing

redevelopment facilities to be constructed according to the requirements

of city planning and in effectuation of official city plans and

regulated by law as to profits, dividends and disposition of their

property or franchises; that provision must be made to enable insurance

companies to provide such facilities, subject to regulation by law as to

the return from such facilities and the disposition of property acquired

for such purpose; and that provision must also be made for the

acquisition for such corporations, partnerships, limited liability

companies and trusts and companies at fair prices of real property

required for such purposes in substandard areas and for public

assistance of such corporations, partnerships and trusts and such

companies by the granting of partial tax exemptions; that the

cooperation of the state and its subdivisions is necessary to accomplish

such purposes; that the clearance, replanning and reconstruction,

rehabilitation and modernization of substandard and insanitary areas and

the provision of adequate, safe, sanitary and properly planned housing

accommodations in effectuation of official city plans by such

corporations, partnerships, limited liability companies and trusts and

such companies in these areas are public uses and purposes for which

private property may be acquired for such corporations, partnerships,

limited liability companies and trusts and such companies and partial

tax exemption granted for such corporations, partnerships, limited

liability companies and trusts and such companies; that these conditions

require the creation of the agencies, instrumentalities, corporations,

partnerships and trusts hereinafter prescribed for the purpose of

attaining the ends herein recited; and the necessity in the public

interest for the provisions hereinafter enacted is hereby declared as a

matter of legislative determination.