2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 2 - (10 - 37) LIMITED-PROFIT HOUSING COMPANIES
11 - Policy and purposes of article.

 
    § 11. Policy and purposes of article. It is hereby declared that there
  exists  in municipalities in this state a seriously inadequate supply of
  safe  and  sanitary  dwelling  or  non-housekeeping  accommodations  for
  families  and  persons  of  low  income,  including  accommodations  for
  handicapped persons of low income and aged care accommodations for  aged
  persons  of  low income; that such conditions are due, in large measure,
  to over-crowding and concentration of the population, improper planning,
  excessive land coverage, lack of proper light, air and  space,  improper
  sanitary  facilities  and  inadequate protection from fire hazards; that
  such conditions constitute an  emergency  and  a  grave  menace  to  the
  health,  safety,  morals, welfare and comfort of citizens of this state,
  necessitating speedy relief which cannot  readily  be  provided  by  the
  ordinary  unaided  operation  of  private  enterprise  and  require that
  provision be made by which private free enterprise may be encouraged  to
  invest in companies regulated by law as to rents, profits, dividends and
  disposition  of  their  property  or franchises and engaged in providing
  such housing facilities and other facilities incidental  or  appurtenant
  thereto for families or persons of low income; that it is necessary that
  provision be made for participation by the state, its municipalities and
  the  New  York  state  housing  finance  agency in the financing of such
  housing, for the acquisition by such companies of real property required
  for such purposes and for public assistance to  such  companies  by  the
  granting  of  tax  exemptions;  that  the  cooperation of the state, its
  subdivisions and the New York state housing finance agency is  necessary
  to  accomplish  such purposes; that the provision of such adequate, safe
  and  sanitary  housing  accommodations  by  such  companies  jointly  or
  severally  are  public  uses  and purposes for which public money may be
  loaned and private property may be acquired by and  for  such  companies
  and tax exemptions granted; that such conditions require the creation of
  the  companies  hereinafter  prescribed for the purpose of attaining the
  ends herein recited; and the necessity in the public  interest  for  the
  provisions  hereinafter  enacted  is  hereby  declared  as  a  matter of
  legislative determination.