Section 1110. Statement of legislative findings and purpose

The legislature
  hereby  finds  and  declares  that  home ownership by persons of low and
  moderate income has long been, and still is, an essential element of the
  state's social economy, resulting in the development, stabilization  and
  preservation  of  neighborhoods and communities. The legislature further
  finds that persons of low and  moderate  income  require  assistance  to
  enable  them  to  supplement  their own resources and the ability of the
  private sector to make the availability  of  private  home  ownership  a
  reality. By providing home ownership assistance the state may narrow the
  gap  between  the  resources of the individual and the high cost of home
  ownership and by requiring leveraging  may  cause  investment  of  other
  public  and private funds. The appeal of private home ownership has been
  demonstrated to be a strong incentive to families  to  move  into  areas
  which  otherwise  may  be in danger of becoming blighted through neglect
  and the lack of investment. Pride in ownership will  halt  deterioration
  and offer the prospect of turnaround. The legislature further finds that
  adequate  private  resources  are  often  not  available to persons with
  modest incomes to acquire, rehabilitate or  construct  their  homes  and
  that  the  preservation of and development of existing private homes can
  often prevent an area from becoming  a  slum  or  a  blighted  area.  In
  addition,  stimulation  of  the level of activity in construction of new
  affordable homes will provide needed jobs and stability for communities.
  The legislature therefore finds that a program should be established  to
  provide  monies to make the construction, rehabilitation and improvement
  of homes for low and moderate income  persons  more  affordable.  It  is
  intended that any monies provided to municipalities through this program
  not  substitute for monies which such municipalities would have spent in
  the absence of this program  and  that  such  monies  will  enable  such
  municipalities  to  expand  their  commitment to increase the supply and
  condition of low and moderate income owner occupied  housing  to  levels
  greater than would have been possible without this program.