Section 11-A - Additional policy and purposes of article1. It is hereby declared that the elimination of conditions causing a deterioration of the quality of urban life in municipalities of the State and the revitalization and improvement of the quality of urban life in such municipalities through comprehensive programs and projects constituting a total attack upon such conditions are the most critical problems facing the municipalities, the state and the federal government, and are vital to the health, well-being, safety and prosperity of the inhabitants of the municipalities and the people of the state. Neither the municipalities nor the state have adequate resources to undertake, develop and operate the comprehensive programs and projects necessary for the accomplishment of such purposes. The ordinary operations of private enterprise cannot rectify such conditions or accomplish such purposes. The elimination of such conditions and accomplishment of such purposes require the participation and cooperation of the municipalities, the State, the Federal government, private enterprise, institutions of higher learning, community and civic groups, fraternal and labor organizations, foundations, and all other responsible components of the community.2. Among the conditions causing such deterioration are: the residence of large numbers of families, adults and children in slum ghettos; insanitary and inadequate housing or other physical environment; a severe shortage of decent healthful housing accommodations to meet the needs of large numbers of families, adults and children; economic, educational or community imbalance resulting from excessive migration of economic or other groups to or from communities; depletion of job or business opportunities because of migration of business and industry from communities; and the existence of physical, social, and economic blight and crime. Such conditions create and perpetuate slum ghettos, blight and crime, cause a progressive deterioration of the quality of urban life for all persons in the municipalities and the State, render or tend to render the municipalities undesirable places in which to live, work and raise families, impair the sound economic, cultural and social growth of municipalities and communities thereof, break down the ability of municipalities or communities thereof to grow, expand, develop or continue as viable municipalities or communities, and threaten the life, health, well-being, safety and prosperity of all persons in municipalities and the people of the State.2-a. It is hereby found that improvement of the physical environment and revitalization of the quality of urban life in such municipalities would be promoted by cooperative action by tenants who are persons or families of low income to acquire ownership of their dwellings and to operate them on a nonprofit basis; that such cooperative undertakings, with their consequent pride and responsibility of ownership, would help to stem the abandonment of deteriorating but structually sound buildings, which contributes to a substantial loss of much needed housing stock, and would lead to the stabilization and renewal of deteriorating neighborhoods. It is found necessary, in order to assure the feasibility of such cooperative undertakings, to make available to such tenants long-term financing on a favorable basis and tax exemption to enable them to purchase and maintain their dwellings at a reasonable cost.3. The rehabilitation or redevelopment of slum ghettos and other areas into sound healthy balanced viable communities, the enhancement of the physical environment, health, and social well-being of the inhabitants and the expansion of their social and economic opportunity require among other measures the attraction to the neighborhoods of varying economic classes in addition to persons of low income and the availability therein of a wide choice of housing from the standpoint of design and amenities.4. It is hereby further found that there are certain parts of municipalities where conditions of blight are so extensive in area that, notwithstanding a continued shortage of safe and sanitary dwelling accommodations in the municipality for low and middle income families, it is not economic for private enterprise to build limited profit housing in such areas since it cannot supply proper housing at prices within the economic reach of low-income families in such blighted areas or attract tenants or buyers from other areas by offering rents and prices which are competitive with rents and prices of housing in areas of the municipality which are not blighted. It is found that there are other locations in such municipalities where housing development is desirable for sound community growth, but, similarly, where private enterprise cannot build limited profit housing which is within the economic reach of persons in the area who require such housing.5. It is the purpose of this article to enable municipalities to undertake projects directly or in combination with the Federal government, private enterprise and any of the other responsible components of the community, to accomplish the public purposes herein described through the most effective and economical concentration and coordination of Federal, State, local and private resources and efforts.6. It is hereby further found and determined that the accomplishment of the purposes herein described is a matter of public concern, a governmental purpose, a city, town, and village purpose, and a public purpose and a public use for the accomplishment of which (a) the money and property of a city, town or village, may be given, loaned or expended, (b) indebtedness may be contracted by a city, town or village, and (c) eminent domain exercised by a city, town or village, as hereinafter provided.N.Y. Priv. Hous. Fin. Law § 11-A