N.Y. Priv. Hous. Fin. Law § 1110
The legislature hereby finds and declares that home ownership by persons of low and moderate income has long been, and still is, an essential element of the state's social economy, resulting in the development, stabilization and preservation of neighborhoods and communities. The legislature further finds that persons of low and moderate income require assistance to enable them to supplement their own resources and the ability of the private sector to make the availability of private home ownership a reality. By providing home ownership assistance the state may narrow the gap between the resources of the individual and the high cost of home ownership and by requiring leveraging may cause investment of other public and private funds. The appeal of private home ownership has been demonstrated to be a strong incentive to families to move into areas which otherwise may be in danger of becoming blighted through neglect and the lack of investment. Pride in ownership will halt deterioration and offer the prospect of turnaround. The legislature further finds that adequate private resources are often not available to persons with modest incomes to acquire, rehabilitate or construct their homes and that the preservation of and development of existing private homes can often prevent an area from becoming a slum or a blighted area. In addition, stimulation of the level of activity in construction of new affordable homes will provide needed jobs and stability for communities. The legislature therefore finds that a program should be established to provide monies to make the construction, rehabilitation and improvement of homes for low and moderate income persons more affordable. It is intended that any monies provided to municipalities through this program not substitute for monies which such municipalities would have spent in the absence of this program and that such monies will enable such municipalities to expand their commitment to increase the supply and condition of low and moderate income owner occupied housing to levels greater than would have been possible without this program.
N.Y. Priv. Hous. Fin. Law § 1110