N.Y. Private Housing Finance Law § 470

§ 470. Policy and purposes of article. It is hereby declared and found\nthat there exists in municipalities within the state substandard and\nunsanitary areas and neighborhoods containing deteriorated one to four\nunit private and multiple dwellings, and that the rehabilitation or\npreservation of such dwellings is necessary in order to aid in the\nprevention and elimination of slums and blight in such areas and\nneighborhoods.\n It further is found that there exists in such municipalities a\nseriously inadequate supply of safe and sanitary one to four unit\nprivate and multiple dwellings, particularly for persons of low and\nmoderate income, that existing non-compliance with local housing codes\nand with the multiple dwelling law and the multiple residence law\nthreatens to decrease such supply, and that the rehabilitation,\npreservation and improvement of such dwellings is necessary to arrest\nsuch conditions of deterioration.\n It further is found that the elimination of such conditions by\nrehabilitation or other improvements in one to four unit private and\nmultiple dwellings cannot be readily provided without public aid in the\nform of low interest loans or grants to owners of such one to four unit\ndwellings.\n The rehabilitation, preservation or other improvement of such private\nand multiple dwellings is hereby declared a public purpose and a\nmunicipal purpose for which public monies may be loaned or granted.\n In order, further, to promote the preservation and rehabilitation of\nsuch dwellings, it is hereby declared that additional provisions should\nbe made to provide public monies for interest reduction subsidies for\nprivate loans made by private investors for such rehabilitation.\n The necessity in the public interest for the provisions of this\narticle is hereby declared as a matter of legislative determination.\n