Section 301. Policy of state and purpose of article

It is recognized that
  there exist in New York state certain neighborhoods, which,  because  of
  heavy  in-migrations  and  other  factors,  have  been  characterized by
  over-crowding  of  population,   extensive   absentee   ownership,   and
  concentrated occupancy particularly by racial minorities. Because of the
  special  appraisal  and  servicing  problems  peculiar to such areas the
  supply of available mortgage money in these areas is insufficient. It is
  the declared policy of the state that a medium be established, owned and
  financed entirely through private enterprise institutions, through which
  the mortgage money necessary  to  re-establish  these  neighborhoods  as
  sound  communities  would  be  made  available  on a sound profit-making
  basis.