§ 1110. Statement of legislative findings and purpose. The legislature
hereby finds and declares that home ownership by persons of low and
moderate income has long been, and still is, an essential element of the
state's social economy, resulting in the development, stabilization and
preservation of neighborhoods and communities. The legislature further
finds that persons of low and moderate income require assistance to
enable them to supplement their own resources and the ability of the
private sector to make the availability of private home ownership a
reality. By providing home ownership assistance the state may narrow the
gap between the resources of the individual and the high cost of home
ownership and by requiring leveraging may cause investment of other
public and private funds. The appeal of private home ownership has been
demonstrated to be a strong incentive to families to move into areas
which otherwise may be in danger of becoming blighted through neglect
and the lack of investment. Pride in ownership will halt deterioration
and offer the prospect of turnaround. The legislature further finds that
adequate private resources are often not available to persons with
modest incomes to acquire, rehabilitate or construct their homes and
that the preservation of and development of existing private homes can
often prevent an area from becoming a slum or a blighted area. In
addition, stimulation of the level of activity in construction of new
affordable homes will provide needed jobs and stability for communities.
The legislature therefore finds that a program should be established to
provide monies to make the construction, rehabilitation and improvement
of homes for low and moderate income persons more affordable. It is
intended that any monies provided to municipalities through this program
not substitute for monies which such municipalities would have spent in
the absence of this program and that such monies will enable such
municipalities to expand their commitment to increase the supply and
condition of low and moderate income owner occupied housing to levels
greater than would have been possible without this program.