New York Laws
Article 8-B - Loans to Owner-Occupants of One to Four Unit Private and Multiple Dwellings
470 - Policy and Purposes of Article.

§ 470. Policy and purposes of article. It is hereby declared and found
that there exists in municipalities within the state substandard and
unsanitary areas and neighborhoods containing deteriorated
owner-occupied one to four unit private and multiple dwellings, and that
the rehabilitation of such dwellings is necessary in order to aid in the
prevention and elimination of slums and blight in such areas and
neighborhoods.

It further is found that there exists in such municipalities a
seriously inadequate supply of safe and sanitary owner-occupied one to
four unit private and multiple dwellings, particularly for persons of
low and moderate income, that existing non-compliance with local housing
codes and with the multiple dwelling law and the multiple residence law
threatens to decrease such supply, and that the rehabilitation and
improvement of such dwellings is necessary to arrest such conditions of
deterioration.

It further is found that the elimination of such conditions by
rehabilitation or other improvements cannot be readily provided without
public aid in the form of low interest loans to low and moderate income
owner-occupants of such one to four unit dwellings.

The rehabilitation or other improvements of such dwellings owned and
occupied by low and moderate income persons or families, is hereby
declared a public purpose and a municipal purpose for which public
monies may be loaned.

In order, further, to promote the preservation and rehabilitation of
such dwellings, it is hereby declared that additional provisions should
be made to provide public monies for interest reduction subsidies for
private loans made by private investors for such rehabilitation.

The necessity in the public interest for the provisions of this
article is hereby declared as a matter of legislative determination.

Structure New York Laws