N.Y. Private Housing Finance Law § 1106: Legislative findings and declarations

§ 1106. Legislative findings and declarations. 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 programs operated by municipal housing

authorities and municipalities have for decades provided hundreds of

thousands of low income New Yorkers with decent, safe and affordable

housing; that due to the lack of funds available for leveraging state

dollars for low income housing, and the delay that occurs when a variety

of funding sources are used to produce such housing, a need exists for

the state to fully finance debt free low income housing. The

legislature therefore finds that a program should be established

pursuant to which the housing trust fund corporation shall provide

grants or loans to municipal housing authorities, municipalities and

not-for-profit organizations or charitable organizations, housing

development fund companies, or private developers which shall be used to

pay for all or a portion of the project costs of constructing or

rehabilitating turnkey/enhanced rental projects, and that such projects

shall thereafter be owned by eligible owners for the benefit of persons

of low income. The legislature intends that grants or loans provided to

municipal housing authorities, or municipalities through the low income

turnkey/enhanced housing trust fund program shall not substitute for

funds which such authorities or municipalities would have spent in the

absence of such program, and that authorities and municipalities shall

use such grants or loans to increase the supply of low income housing to

levels greater than would have been possible without such program.