New York Laws
Article 2 - Limited-Profit Housing Companies
11 - Policy and Purposes of Article.

§ 11. Policy and purposes of article. It is hereby declared that there
exists in municipalities in this state a seriously inadequate supply of
safe and sanitary dwelling or non-housekeeping accommodations for
families and persons of low income, including accommodations for
handicapped persons of low income and aged care accommodations for aged
persons of low income; that such conditions are due, in large measure,
to over-crowding and concentration of the population, improper planning,
excessive land coverage, lack of proper light, air and space, improper
sanitary facilities and inadequate protection from fire hazards; that
such conditions constitute an emergency and a grave menace to the
health, safety, morals, welfare and comfort of citizens of this state,
necessitating speedy relief which cannot readily be provided by the
ordinary unaided operation of private enterprise and require that
provision be made by which private free enterprise may be encouraged to
invest in companies regulated by law as to rents, profits, dividends and
disposition of their property or franchises and engaged in providing
such housing facilities and other facilities incidental or appurtenant
thereto for families or persons of low income; that it is necessary that
provision be made for participation by the state, its municipalities and
the New York state housing finance agency in the financing of such
housing, for the acquisition by such companies of real property required
for such purposes and for public assistance to such companies by the
granting of tax exemptions; that the cooperation of the state, its
subdivisions and the New York state housing finance agency is necessary
to accomplish such purposes; that the provision of such adequate, safe
and sanitary housing accommodations by such companies jointly or
severally are public uses and purposes for which public money may be
loaned and private property may be acquired by and for such companies
and tax exemptions granted; that such conditions require the creation of
the companies hereinafter prescribed for the purpose of attaining the
ends herein recited; and the necessity in the public interest for the
provisions hereinafter enacted is hereby declared as a matter of
legislative determination.

Structure New York Laws