N.Y. Private Housing Finance Law § 301: Policy of state and purpose of article

§ 301. Policy of state and purpose of article. It is recognized that

there exist in New York state certain neighborhoods, which, because of

heavy in-migrations and other factors, have been characterized by

over-crowding of population, extensive absentee ownership, and

concentrated occupancy particularly by racial minorities. Because of the

special appraisal and servicing problems peculiar to such areas the

supply of available mortgage money in these areas is insufficient. It is

the declared policy of the state that a medium be established, owned and

financed entirely through private enterprise institutions, through which

the mortgage money necessary to re-establish these neighborhoods as

sound communities would be made available on a sound profit-making

basis.