N.Y. Private Housing Finance Law § 11: Policy and purposes of article

§ 11. Policy and purposes of article. It is hereby declared that there

exists in municipalities in this state a seriously inadequate supply of

safe and sanitary dwelling or non-housekeeping accommodations for

families and persons of low income, including accommodations for

handicapped persons of low income and aged care accommodations for aged

persons of low income; that such conditions are due, in large measure,

to over-crowding and concentration of the population, improper planning,

excessive land coverage, lack of proper light, air and space, improper

sanitary facilities and inadequate protection from fire hazards; that

such conditions constitute an emergency and a grave menace to the

health, safety, morals, welfare and comfort of citizens of this state,

necessitating speedy relief which cannot readily be provided by the

ordinary unaided operation of private enterprise and require that

provision be made by which private free enterprise may be encouraged to

invest in companies regulated by law as to rents, profits, dividends and

disposition of their property or franchises and engaged in providing

such housing facilities and other facilities incidental or appurtenant

thereto for families or persons of low income; that it is necessary that

provision be made for participation by the state, its municipalities and

the New York state housing finance agency in the financing of such

housing, for the acquisition by such companies of real property required

for such purposes and for public assistance to such companies by the

granting of tax exemptions; that the cooperation of the state, its

subdivisions and the New York state housing finance agency is necessary

to accomplish such purposes; that the provision of such adequate, safe

and sanitary housing accommodations by such companies jointly or

severally are public uses and purposes for which public money may be

loaned and private property may be acquired by and for such companies

and tax exemptions granted; that such conditions require the creation of

the companies 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.