Section 651 - Statement of legislative findings and purpose1. There continues to exist in the city of New York a seriously inadequate supply of safe and sanitary dwelling accommodations within the financial reach of families and persons of low income. The ordinary operations of private enterprise cannot provide an adequate supply of such accommodations at rentals and carrying charges which families and persons of low income can afford. In order to encourage the investment of private capital and provide such dwelling accommodations, provision should be made for mortgage loans at low interest rates to housing companies which, subject to regulation as to rents, profits, dividends and disposition of their property, supply multiple dwelling accommodations, and other facilities incidental or appurtenant thereto, to such families and persons. For that purpose there should be created a corporate governmental agency, to be known as the "New York city housing development corporation," which, through the issuance of its bonds, notes or other obligations to the private investing public, may attract a broad base of investment by the greatest number of the general public and obtain the funds necessary to make or finance the making of such mortgage loans.2. There also exists in the city of New York a large number of multiple dwellings which are inadequate, unsafe or insanitary and which can be made adequate, safe and sanitary by rehabilitation or other improvement. Such rehabilitation or improvement cannot readily be provided by the ordinary operations of private enterprise without public aid in the form of low interest loans to the owners of such multiple dwellings. In order to encourage the investment of private capital in such rehabilitation and improvement, the agency should also be empowered, through the issuance of its bonds, notes or other obligations to the private investing public, to obtain the funds necessary to make or finance the making of such low interest loans. The necessity in the public interest for the provisions hereinafter enacted is hereby declared as a matter of legislative determination.
N.Y. Priv. Hous. Fin. Law § 651