§ 1150. Statement of legislative findings and purposes. It is hereby
found and declared that there exists in the city of New York a seriously
inadequate supply of safe, sanitary and affordable dwelling
accommodations for persons and families for whom the ordinary operations
of private enterprise cannot provide such accommodations. The
legislature further finds and declares that the city of New York should
be permitted to assist the private sector in the development of dwelling
accommodations affordable to such persons through establishment of a
program to provide monies to make the construction of dwelling
accommodations more affordable. It is recognized that currently the city
of New York assists the development of such housing accommodations
through the provisions of articles fifteen and sixteen of the general
municipal law which permit such assistance on city-owned sites which are
sold to private developers or non-profit groups for construction of
housing. It is intended that the city of New York also be authorized to
expend monies to assist housing development on sites which are not
city-owned. Accordingly, the legislature enacts this article to provide
such authorization and to encourage the development of additional
affordable dwelling accommodations.