New York Laws
Article 11 - Housing Development Fund Companies
571 - Statement of Legislative Findings and Purposes.

§ 571. Statement of legislative findings and purposes. The legislature
hereby finds and declares that there continues to exist in the state a
seriously inadequate supply of safe and sanitary dwelling accommodations
within the financial reach of families and persons of low income. This
condition is contrary to the public interest and threatens the health,
safety, welfare, comfort and security of the people of the state.

The legislature further finds and declares that the ordinary
operations of private enterprise cannot provide an adequate supply of
safe and sanitary dwelling accommodations at rentals which families and
persons of low income can afford.

The legislature further finds that eleemosynary institutions,
settlement houses, fraternal and labor organizations, foundations and
other non-profit associations are desirous of organizing companies to
build or rehabilitate housing for low income families; that in order for
such organizations to build or rehabilitate housing, such organizations
need and can effectively utilize development funds to procure government
aided or other permanent financing therefor.

The legislature further finds that such development funds and the
provision of technical assistance in the organization and management of
housing development fund companies will maximize federal funds and
credits which may be available for the provision of housing for low
income residents of the state.

It is the purpose of this act to provide temporary financial and
technical assistance to enable such companies to participate more
effectively in existing municipal, state and federal assistance programs
and to make more effective use of other sources of financing which may
be available for housing of persons and families of low income.

It is further the purpose of this article to coordinate activities
aided under existing municipal, state and federal programs with other
public and private actions in order to provide the most effective and
economical concentration of federal, state, local, and private efforts
to increase the supply of housing accommodations for persons of low
income, and thereby improve the quality of life for all the people of
the state.

It is further the purpose of this article to provide assistance for
existing not-for-profit housing companies by providing advances from the
housing development fund to facilitate the rehabilitation or
construction of housing for low income families.

It is further the purpose of this article to provide assistance for
the improvement of housing for farmworkers by providing advances to
local loan administrators to make loans to agricultural producers for
the purpose of constructing or improving non-conforming farmworker
housing in order to comply with state regulations relating to such
housing.