Section 1100. Statement of legislative findings and purpose

The legislature
  hereby  finds  and  declares  that there is a serious shortage of decent
  affordable housing in the state for persons of low income; that the cost
  of providing such housing without public participation and assistance is
  prohibitively high; that there exists throughout the state a significant
  number  of  dwellings  which  are  deteriorated  and   are   vacant   or
  underutilized;  that  the existence of such properties creates a serious
  threat to the health and safety of persons who live  in  or  near  them,
  limits   the  availability  of  decent  affordable  housing  to  others,
  contributes to the blight and deterioration of neighborhoods, and drains
  municipal resources and expenditures; that the rehabilitation  of  these
  properties would stem the deterioration of neighborhoods and promote the
  preservation  and creation of safe and sanitary low income housing; that
  the potential exists to make such housing available to  persons  of  low
  income   through   projects   carried  out  by  eligible  applicants  to
  rehabilitate these dwelling accommodations, bring  these  accommodations
  into  compliance with all applicable laws and regulations and remove all
  hazardous and immediately hazardous code conditions; that  the  purposes
  of  this article should also be served by providing for new construction
  of housing for persons of low income in areas  in  which  rehabilitation
  opportunities  are  limited  or where new construction would prove to be
  more effective;  that  the  carrying  out  of  such  projects  serves  a
  significant  public  purpose  and  may  appropriately  be  performed  by
  eligible applicants; that payment for such services, tax exemptions  and
  other public participation in such projects would bring down the cost of
  such  housing  and make it affordable to persons of low income; and that
  it is the policy of the state to preserve and create such housing and to
  provide for the aid, care, and support of the needy.    The  legislature
  therefore  finds  that a program should be established to provide monies
  for the rehabilitation and construction of these properties by  eligible
  applicants  to  promote  the  preservation  and  creation  of affordable
  housing for persons of low income.
    It is  intended  that  any  payments,  grants  or  loans  provided  to
  municipalities  through this program not substitute for funds which such
  municipalities would have spent in the absence of this program and  that
  such  payments,  grants  and  loans  will  enable such municipalities to
  expand their commitment to increase the supply of affordable low  income
  housing  to  levels  greater  than would have been possible without this
  program.