The legislature finds that current economic conditions, federal housing policies and declining resources at the federal, state, and local level adversely affect the ability of low-income and very low-income persons to obtain safe, decent and affordable housing.
The legislature further finds that the state will lose substantial sums allocated to it by the federal government for affordable housing for low-income and very low-income households under the home program and similar funding programs unless matching funds are provided.
The legislature declares that it is therefore in the public interest to provide for a continuously renewable resource known as a housing trust fund from the private and/or public moneys to assist low-income and very low-income citizens in meeting their basic housing needs, and that the needs of very low-income citizens should be given priority.