N.Y. Private Housing Finance Law § 1150: Statement of legislative findings and purposes

§ 1150. Statement of legislative findings and purposes. It is hereby

found and declared that there exists in the city of New York a seriously

inadequate supply of safe, sanitary and affordable dwelling

accommodations for persons and families for whom the ordinary operations

of private enterprise cannot provide such accommodations. The

legislature further finds and declares that the city of New York should

be permitted to assist the private sector in the development of dwelling

accommodations affordable to such persons through establishment of a

program to provide monies to make the construction of dwelling

accommodations more affordable. It is recognized that currently the city

of New York assists the development of such housing accommodations

through the provisions of articles fifteen and sixteen of the general

municipal law which permit such assistance on city-owned sites which are

sold to private developers or non-profit groups for construction of

housing. It is intended that the city of New York also be authorized to

expend monies to assist housing development on sites which are not

city-owned. Accordingly, the legislature enacts this article to provide

such authorization and to encourage the development of additional

affordable dwelling accommodations.