N.Y. Priv. Hous. Fin. Law § 571
The legislature hereby finds and declares that there continues to exist in the state a seriously inadequate supply of safe and sanitary dwelling accommodations within the financial reach of families and persons of low income. This condition is contrary to the public interest and threatens the health, safety, welfare, comfort and security of the people of the state.
The legislature further finds and declares that the ordinary operations of private enterprise cannot provide an adequate supply of safe and sanitary dwelling accommodations at rentals which families and persons of low income can afford.
The legislature further finds that eleemosynary institutions, settlement houses, fraternal and labor organizations, foundations and other non-profit associations are desirous of organizing companies to build or rehabilitate housing for low income families; that in order for such organizations to build or rehabilitate housing, such organizations need and can effectively utilize development funds to procure government aided or other permanent financing therefor.
The legislature further finds that such development funds and the provision of technical assistance in the organization and management of housing development fund companies will maximize federal funds and credits which may be available for the provision of housing for low income residents of the state.
It is the purpose of this act to provide temporary financial and technical assistance to enable such companies to participate more effectively in existing municipal, state and federal assistance programs and to make more effective use of other sources of financing which may be available for housing of persons and families of low income.
It is further the purpose of this article to coordinate activities aided under existing municipal, state and federal programs with other public and private actions in order to provide the most effective and economical concentration of federal, state, local, and private efforts to increase the supply of housing accommodations for persons of low income, and thereby improve the quality of life for all the people of the state.
It is further the purpose of this article to provide assistance for existing not-for-profit housing companies by providing advances from the housing development fund to facilitate the rehabilitation or construction of housing for low income families.
It is further the purpose of this article to provide assistance for the improvement of housing for farmworkers by providing advances to local loan administrators to make loans to agricultural producers for the purpose of constructing or improving non-conforming farmworker housing in order to comply with state regulations relating to such housing.
N.Y. Priv. Hous. Fin. Law § 571