Section 470. Policy and purposes of article

It is hereby declared and found
  that  there  exists  in  municipalities within the state substandard and
  unsanitary   areas    and    neighborhoods    containing    deteriorated
  owner-occupied one to four unit private and multiple dwellings, and that
  the rehabilitation of such dwellings is necessary in order to aid in the
  prevention  and  elimination  of  slums  and  blight  in  such areas and
  neighborhoods.
    It further is  found  that  there  exists  in  such  municipalities  a
  seriously  inadequate  supply of safe and sanitary owner-occupied one to
  four unit private and multiple dwellings, particularly  for  persons  of
  low and moderate income, that existing non-compliance with local housing
  codes  and with the multiple dwelling law and the multiple residence law
  threatens to decrease such  supply,  and  that  the  rehabilitation  and
  improvement  of such dwellings is necessary to arrest such conditions of
  deterioration.
    It further is  found  that  the  elimination  of  such  conditions  by
  rehabilitation  or other improvements cannot be readily provided without
  public aid in the form of low interest loans to low and moderate  income
  owner-occupants of such one to four unit dwellings.
    The  rehabilitation  or other improvements of such dwellings owned and
  occupied by low and moderate  income  persons  or  families,  is  hereby
  declared  a  public  purpose  and  a  municipal purpose for which public
  monies may be loaned.
    In order, further, to promote the preservation and  rehabilitation  of
  such  dwellings, it is hereby declared that additional provisions should
  be made to provide public monies for interest  reduction  subsidies  for
  private loans made by private investors for such rehabilitation.
    The  necessity  in  the  public  interest  for  the provisions of this
  article is hereby declared as a matter of legislative determination.