N.Y. Private Housing Finance Law § 920: Statement of legislative findings and purpose

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

hereby finds and declares that there exists in New York state a serious

need for the restoration and improvement of housing, local commercial

areas and public facilities in distressed urban neighborhoods and that

the state should encourage the revitalization of such neighborhoods;

that not-for-profit community-based organizations and charitable

organizations that have a direct interest in improving the health,

safety and economic viability of a distressed urban neighborhood can

play a crucial role in such revitalization; the legislature therefore

finds that a program should be established to fund not-for-profit

community-based organizations and charitable organizations to improve

distressed urban neighborhoods by preserving existing housing units,

generating new housing units, upgrading commercial and retail areas, and

by creating innovative approaches to neighborhood and community

revitalization which improve cultural and community facilities and

spirit.