§ 11. Policy and purposes of article. It is hereby declared that there\nexists in municipalities in this state a seriously inadequate supply of\nsafe and sanitary dwelling or non-housekeeping accommodations for\nfamilies and persons of low income, including accommodations for\nhandicapped persons of low income and aged care accommodations for aged\npersons of low income; that such conditions are due, in large measure,\nto over-crowding and concentration of the population, improper planning,\nexcessive land coverage, lack of proper light, air and space, improper\nsanitary facilities and inadequate protection from fire hazards; that\nsuch conditions constitute an emergency and a grave menace to the\nhealth, safety, morals, welfare and comfort of citizens of this state,\nnecessitating speedy relief which cannot readily be provided by the\nordinary unaided operation of private enterprise and require that\nprovision be made by which private free enterprise may be encouraged to\ninvest in companies regulated by law as to rents, profits, dividends and\ndisposition of their property or franchises and engaged in providing\nsuch housing facilities and other facilities incidental or appurtenant\nthereto for families or persons of low income; that it is necessary that\nprovision be made for participation by the state, its municipalities and\nthe New York state housing finance agency in the financing of such\nhousing, for the acquisition by such companies of real property required\nfor such purposes and for public assistance to such companies by the\ngranting of tax exemptions; that the cooperation of the state, its\nsubdivisions and the New York state housing finance agency is necessary\nto accomplish such purposes; that the provision of such adequate, safe\nand sanitary housing accommodations by such companies jointly or\nseverally are public uses and purposes for which public money may be\nloaned and private property may be acquired by and for such companies\nand tax exemptions granted; that such conditions require the creation of\nthe companies hereinafter prescribed for the purpose of attaining the\nends herein recited; and the necessity in the public interest for the\nprovisions hereinafter enacted is hereby declared as a matter of\nlegislative determination.\n
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