N.Y. Private Housing Finance Law § 70

§ 70. General policy. It is hereby declared to be the policy of this\narticle to encourage the investment of the savings of the people in low\nrent housing accommodations, to protect such investment against loss and\nto assure a fair return thereon. To this end, every responsible official\nof the state shall, wherever necessary, take all reasonable steps to the\nend that the security and safety of the mortgages referred to in this\narticle shall be safeguarded and to maintain public confidence in the\nstock and obligations of housing companies created under this article.\n