Section 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.