N.Y. Private Housing Finance Law § 1110: Statement of legislative findings and purpose

§ 1110. Statement of legislative findings and purpose. The legislature

hereby finds and declares that home ownership by persons of low and

moderate income has long been, and still is, an essential element of the

state's social economy, resulting in the development, stabilization and

preservation of neighborhoods and communities. The legislature further

finds that persons of low and moderate income require assistance to

enable them to supplement their own resources and the ability of the

private sector to make the availability of private home ownership a

reality. By providing home ownership assistance the state may narrow the

gap between the resources of the individual and the high cost of home

ownership and by requiring leveraging may cause investment of other

public and private funds. The appeal of private home ownership has been

demonstrated to be a strong incentive to families to move into areas

which otherwise may be in danger of becoming blighted through neglect

and the lack of investment. Pride in ownership will halt deterioration

and offer the prospect of turnaround. The legislature further finds that

adequate private resources are often not available to persons with

modest incomes to acquire, rehabilitate or construct their homes and

that the preservation of and development of existing private homes can

often prevent an area from becoming a slum or a blighted area. In

addition, stimulation of the level of activity in construction of new

affordable homes will provide needed jobs and stability for communities.

The legislature therefore finds that a program should be established to

provide monies to make the construction, rehabilitation and improvement

of homes for low and moderate income persons more affordable. It is

intended that any monies provided to municipalities through this program

not substitute for monies which such municipalities would have spent in

the absence of this program and that such monies will enable such

municipalities to expand their commitment to increase the supply and

condition of low and moderate income owner occupied housing to levels

greater than would have been possible without this program.