N.Y. Private Housing Finance Law § 450: Policy and purposes of article

§ 450. Policy and purposes of article. It is hereby declared that

there exists in municipalities in this state a seriously inadequate

supply of safe and sanitary dwelling accommodations; that such shortage

constitutes an emergency and a grave menace to the health, safety,

morals, welfare and comfort of citizens of this state; that existing

conditions of deterioration of housing marked by noncompliance with the

multiple dwelling law or local housing codes threaten a further decrease

in such supply; that rehabilitation and improvement of dwellings to

prolong the useful life of such dwellings may be necessary to arrest

such conditions of deterioration; that the elimination of such

conditions by rehabilitation or other improvement cannot readily be

provided by the ordinary unaided operation of private enterprise without

public aid in the form of low interest loans or grants to owners of such

multiple dwellings; that such rehabilitation or other improvement of

such dwellings to bring them into conformance with the multiple dwelling

law and local housing codes is a public use, a public purpose and a city

purpose for which public money may be loaned or granted by a

municipality and for which indebtedness may be contracted by a

municipality; that such conditions require the provisions hereinafter

enacted, and the necessity in the public interest for the provisions

hereinafter enacted is hereby declared as a matter of legislative

determination.