N.Y. Private Housing Finance Law § 470: Policy and purposes of article

§ 470. Policy and purposes of article. It is hereby declared and found

that there exists in municipalities within the state substandard and

unsanitary areas and neighborhoods containing deteriorated one to four

unit private and multiple dwellings, and that the rehabilitation or

preservation of such dwellings is necessary in order to aid in the

prevention and elimination of slums and blight in such areas and

neighborhoods.

It further is found that there exists in such municipalities a

seriously inadequate supply of safe and sanitary one to four unit

private and multiple dwellings, particularly for persons of low and

moderate income, that existing non-compliance with local housing codes

and with the multiple dwelling law and the multiple residence law

threatens to decrease such supply, and that the rehabilitation,

preservation and improvement of such dwellings is necessary to arrest

such conditions of deterioration.

It further is found that the elimination of such conditions by

rehabilitation or other improvements in one to four unit private and

multiple dwellings cannot be readily provided without public aid in the

form of low interest loans or grants to owners of such one to four unit

dwellings.

The rehabilitation, preservation or other improvement of such private

and multiple dwellings is hereby declared a public purpose and a

municipal purpose for which public monies may be loaned or granted.

In order, further, to promote the preservation and rehabilitation of

such dwellings, it is hereby declared that additional provisions should

be made to provide public monies for interest reduction subsidies for

private loans made by private investors for such rehabilitation.

The necessity in the public interest for the provisions of this

article is hereby declared as a matter of legislative determination.