Section 400. 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 for persons and
  families of low income; that such shortage constitutes an emergency  and
  a  grave  menace  to  the health, safety, morals, welfare and comfort of
  citizens of this state; that there exists in such municipalities a large
  number of multiple dwellings which are inadequate, unsafe or  insanitary
  by  reason  of  the absence of proper heating facilities or by reason of
  the necessity for elimination of conditions dangerous to human  life  or
  detrimental  to health, including nuisances as defined, in section three
  hundred nine of the multiple dwelling law, or for  other  rehabilitation
  or improvement and which can be made adequate, safe and sanitary, by the
  installation  of proper heating facilities or by other rehabilitation or
  improvement  or  by  the  elimination  of  such  conditions;  that  such
  installation,  rehabilitation  or improvement cannot readily be provided
  by the ordinary unaided operation of private enterprise for occupancy by
  persons or families of low income without public aid in the form of  low
  interest  loans  to owners of such multiple dwellings for the purpose of
  such installation, rehabilitation or improvement; that the  installation
  of  proper  heating  facilities  in  such  multiple  dwellings  or other
  rehabilitation or improvement thereof for occupancy by  persons  of  low
  income  as  defined in this article is a public use and a public purpose
  for which public money may be loaned; 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.