§ 2. Statement of legislative findings and purposes. The legislature
hereby finds, determines and declares that there exists in this state:

(a) a seriously inadequate supply of safe and sanitary dwelling
accommodations within the financial reach of a substantial number of
families and persons, including aged persons, living within the state;

(b) a substantial number of dwelling accommodations, including many
sheltering one to four families, which are structurally sound, but
substandard or deteriorating;

(c) a serious condition of involuntary unemployment and
underemployment causing severely adverse social and economic
consequences, including the waste of human resources, the growth of
crime and delinquency, the loss of educational opportunities for many of
our youth, and the burden on the state and local governments of
increasing public assistance payments and decreasing tax revenues;

(d) many residential, commercial and industrial areas which are
substandard and insanitary or which are becoming substandard and
insanitary because of blighted, obsolete, deteriorated or deteriorating
conditions;

(e) a serious need for extensive and in-depth research and
experimentation to discover new, better, and cheaper methods of
constructing and rehabilitating low cost housing; of constructing,
reconstructing, rehabilitating and improving commercial, manufacturing
and industrial facilities; of rehabilitating, reconstructing and
renewing substandard, deteriorated and deteriorating areas; and of
protecting against the hazards of involuntary unemployment and
underemployment.

The legislature further finds and declares that such conditions cannot
be corrected by the ordinary operations of private enterprise and are
contrary to the public interest. They threaten the health, safety,
welfare, morale, comfort and security of the people of this state.

The legislature hereby declares it to be the policy of this state to
provide an adequate supply of safe and sanitary dwelling accommodations;
to increase job opportunities and protect against involuntary
unemployment and underemployment by promoting, attracting, stimulating
and revitalizing business, commerce, industry and manufacturing in the
urban areas of the state; and to arrest the spread of deterioration and
blight and promote the economic and physical development of such areas
through the construction, reconstruction, rehabilitation and improvement
of residential, commercial and industrial structures and facilities
therein.

For these purposes, there should be created a nonprofit corporation
known as "Corporation for Urban Development and Research of New York"
which, with grants and loans from private sources, through the issuance
of bonds and notes to the investing public, and through participation in
federal, state, and local programs, may independently and in cooperative
effort with the New York state urban development corporation and the
urban development guarantee fund of New York, acquire, construct,
reconstruct, rehabilitate and improve, and finance the acquisition,
construction, reconstruction, rehabilitation and improvement of, housing
accommodations and industrial, manufacturing, commercial and
recreational structures and facilities; clear, replan, reconstruct, and
rehabilitate such substandard and insanitary areas; and conduct research
and experimentation in all these fields.

The legislature further finds and declares that such a non-profit
corporation organized for such purposes and with the powers and
authorities necessary to accomplish them cannot be created under any
general law; that such a corporation being necessary and proper to
obtain the ends here recited, it should be created by a special act of
the legislature.