§ 1100. Statement of legislative findings and purpose. The legislature
hereby finds and declares that there is a serious shortage of decent
affordable housing in the state for persons of low income; that the cost
of providing such housing without public participation and assistance is
prohibitively high; that there exists throughout the state a significant
number of dwellings which are deteriorated and are vacant or
underutilized; that the existence of such properties creates a serious
threat to the health and safety of persons who live in or near them,
limits the availability of decent affordable housing to others,
contributes to the blight and deterioration of neighborhoods, and drains
municipal resources and expenditures; that the rehabilitation of these
properties would stem the deterioration of neighborhoods and promote the
preservation and creation of safe and sanitary low income housing; that
the potential exists to make such housing available to persons of low
income through projects carried out by eligible applicants to
rehabilitate these dwelling accommodations, bring these accommodations
into compliance with all applicable laws and regulations and remove all
hazardous and immediately hazardous code conditions; that the purposes
of this article should also be served by providing for new construction
of housing for persons of low income in areas in which rehabilitation
opportunities are limited or where new construction would prove to be
more effective; that the carrying out of such projects serves a
significant public purpose and may appropriately be performed by
eligible applicants; that payment for such services, tax exemptions and
other public participation in such projects would bring down the cost of
such housing and make it affordable to persons of low income; and that
it is the policy of the state to preserve and create such housing and to
provide for the aid, care, and support of the needy. The legislature
therefore finds that a program should be established to provide monies
for the rehabilitation and construction of these properties by eligible
applicants to promote the preservation and creation of affordable
housing for persons of low income.

It is intended that any payments, grants or loans provided to
municipalities through this program not substitute for funds which such
municipalities would have spent in the absence of this program and that
such payments, grants and loans will enable such municipalities to
expand their commitment to increase the supply of affordable low income
housing to levels greater than would have been possible without this
program.