N.Y. Private Housing Finance Law § 1100: Statement of legislative findings and purpose

§ 1100. Statement of legislative findings and purpose. The legislature

hereby finds and declares that there is a serious shortage of decent

affordable housing in the state for persons of low income; that the cost

of providing such housing without public participation and assistance is

prohibitively high; that there exists throughout the state a significant

number of dwellings which are deteriorated and are vacant or

underutilized; that the existence of such properties creates a serious

threat to the health and safety of persons who live in or near them,

limits the availability of decent affordable housing to others,

contributes to the blight and deterioration of neighborhoods, and drains

municipal resources and expenditures; that the rehabilitation of these

properties would stem the deterioration of neighborhoods and promote the

preservation and creation of safe and sanitary low income housing; that

the potential exists to make such housing available to persons of low

income through projects carried out by eligible applicants to

rehabilitate these dwelling accommodations, bring these accommodations

into compliance with all applicable laws and regulations and remove all

hazardous and immediately hazardous code conditions; that the purposes

of this article should also be served by providing for new construction

of housing for persons of low income in areas in which rehabilitation

opportunities are limited or where new construction would prove to be

more effective; that the carrying out of such projects serves a

significant public purpose and may appropriately be performed by

eligible applicants; that payment for such services, tax exemptions and

other public participation in such projects would bring down the cost of

such housing and make it affordable to persons of low income; and that

it is the policy of the state to preserve and create such housing and to

provide for the aid, care, and support of the needy. The legislature

therefore finds that a program should be established to provide monies

for the rehabilitation and construction of these properties by eligible

applicants to promote the preservation and creation of affordable

housing for persons of low income.

It is intended that any payments, grants or loans provided to

municipalities through this program not substitute for funds which such

municipalities would have spent in the absence of this program and that

such payments, grants and loans will enable such municipalities to

expand their commitment to increase the supply of affordable low income

housing to levels greater than would have been possible without this

program.