§ 651. Statement of legislative findings and purpose. 1. There
continues to exist in the city of New York a seriously inadequate supply
of safe and sanitary dwelling accommodations within the financial reach
of families and persons of low income. The ordinary operations of
private enterprise cannot provide an adequate supply of such
accommodations at rentals and carrying charges which families and
persons of low income can afford. In order to encourage the investment
of private capital and provide such dwelling accommodations, provision
should be made for mortgage loans at low interest rates to housing
companies which, subject to regulation as to rents, profits, dividends
and disposition of their property, supply multiple dwelling
accommodations, and other facilities incidental or appurtenant thereto,
to such families and persons. For that purpose there should be created a
corporate governmental agency, to be known as the "New York city housing
development corporation," which, through the issuance of its bonds,
notes or other obligations to the private investing public, may attract
a broad base of investment by the greatest number of the general public
and obtain the funds necessary to make or finance the making of such
mortgage loans.

2. There also exists in the city of New York a large number of
multiple dwellings which are inadequate, unsafe or insanitary and which
can be made adequate, safe and sanitary by rehabilitation or other
improvement. Such rehabilitation or improvement cannot readily be
provided by the ordinary operations of private enterprise without public
aid in the form of low interest loans to the owners of such multiple
dwellings. In order to encourage the investment of private capital in
such rehabilitation and improvement, the agency should also be
empowered, through the issuance of its bonds, notes or other obligations
to the private investing public, to obtain the funds necessary to make
or finance the making of such low interest loans.

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