Section 2. Policy of state and purpose of chapter

It is hereby declared
  that in certain areas of cities, towns and villages of the  state  there
  exist   insanitary   and   substandard   housing   conditions  owing  to
  overcrowding and concentration of  the  population,  improper  planning,
  excessive land coverage, lack of proper light, air and space, insanitary
  design  and  arrangement,  or  lack  of proper sanitary facilities; that
  these conditions are chiefly in areas where low rent  dwellings  prevail
  and  that  such  conditions  and  dwellings  are a menace to the health,
  safety, morals, welfare and reasonable comfort of the citizens  of  this
  state;  that  there  is  not  an  adequate supply of adequate, safe, and
  sanitary dwelling accommodations for persons of low income;  that  these
  conditions  cause  an  increase  and  spread  of  disease  and crime and
  constitute a menace to the health, safety, morals, welfare, and  comfort
  of  the citizens of the state; that these conditions inflict blight upon
  the economic value of large areas, impair private  investments  and  the
  source  of  public revenues; that these conditions cannot be remedied by
  the ordinary operation of  private  enterprise;  that  these  conditions
  require  that provision be made for the investment of public and private
  funds at low interest rates in low rent housing and the  acquisition  at
  fair  prices  of adequate parcels of property, the gradual demolition of
  existing insanitary and unsafe  housing  and  the  construction  of  new
  housing  facilities,  under  public  supervision  in  accord with proper
  standards of sanitation and safety and  at  a  cost  which  will  permit
  monthly  rentals  which  persons  of  low income can afford to pay; that
  loans and subsidies by the state and its subdivisions are necessary  for
  such  purposes;  that  the  clearance,  replanning,  reconstruction  and
  rehabilitation of substandard and insanitary areas or the  providing  of
  adequate,  safe  and  sanitary  low rent housing accommodations in these
  areas and elsewhere for persons and families of low income, or  both  of
  these,  are public uses and purposes for which public money may be spent
  and  private  property  acquired;  that  these  conditions  require  the
  creation  of  the agencies and instrumentalities hereinafter prescribed,
  which are declared to be agencies and instrumentalities of the state 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.