Section 450. Policy and purposes of article

It is hereby declared that
  there exists in municipalities in  this  state  a  seriously  inadequate
  supply  of safe and sanitary dwelling accommodations; that such shortage
  constitutes an emergency and a  grave  menace  to  the  health,  safety,
  morals,  welfare  and  comfort  of citizens of this state; that existing
  conditions of deterioration of housing marked by noncompliance with  the
  multiple dwelling law or local housing codes threaten a further decrease
  in  such  supply;  that  rehabilitation  and improvement of dwellings to
  prolong the useful life of such dwellings may  be  necessary  to  arrest
  such   conditions   of  deterioration;  that  the  elimination  of  such
  conditions by rehabilitation or  other  improvement  cannot  readily  be
  provided by the ordinary unaided operation of private enterprise without
  public  aid in the form of low interest loans to owners of such multiple
  dwellings;  that  such  rehabilitation  or  other  improvement  of  such
  dwellings  to bring them into conformance with the multiple dwelling law
  and local housing codes is a public use, a public  purpose  and  a  city
  purpose  for  which public money may be loaned by a municipality and for
  which indebtedness may  be  contracted  by  a  municipality;  that  such
  conditions require the provisions hereinafter enacted, and the necessity
  in  the public interest for the provisions hereinafter enacted is hereby
  declared as a matter of legislative determination.