Statement of legislative findings and purpose

§ 651. Statement of legislative findings and purpose. 1. There\ncontinues to exist in the city of New York a seriously inadequate supply\nof safe and sanitary dwelling accommodations within the financial reach\nof families and persons of low income. The ordinary operations of\nprivate enterprise cannot provide an adequate supply of such\naccommodations at rentals and carrying charges which families and\npersons of low income can afford. In order to encourage the investment\nof private capital and provide such dwelling accommodations, provision\nshould be made for mortgage loans at low interest rates to housing\ncompanies which, subject to regulation as to rents, profits, dividends\nand disposition of their property, supply multiple dwelling\naccommodations, and other facilities incidental or appurtenant thereto,\nto such families and persons. For that purpose there should be created a\ncorporate governmental agency, to be known as the "New York city housing\ndevelopment corporation," which, through the issuance of its bonds,\nnotes or other obligations to the private investing public, may attract\na broad base of investment by the greatest number of the general public\nand obtain the funds necessary to make or finance the making of such\nmortgage loans.\n 2. There also exists in the city of New York a large number of\nmultiple dwellings which are inadequate, unsafe or insanitary and which\ncan be made adequate, safe and sanitary by rehabilitation or other\nimprovement. Such rehabilitation or improvement cannot readily be\nprovided by the ordinary operations of private enterprise without public\naid in the form of low interest loans to the owners of such multiple\ndwellings. In order to encourage the investment of private capital in\nsuch rehabilitation and improvement, the agency should also be\nempowered, through the issuance of its bonds, notes or other obligations\nto the private investing public, to obtain the funds necessary to make\nor finance the making of such low interest loans.\n The necessity in the public interest for the provisions hereinafter\nenacted is hereby declared as a matter of legislative determination.\n