Section 1680.102 - Findings and declaration of policyIt is hereby determined and declared as a matter of legislative finding that--
(1) The welfare of the Commonwealth is threatened by the fact that throughout Pennsylvania the supply of private homes and rental units for persons and families of low and moderate income is inadequate to meet the need for such housing created by an expanding population, the wearing out of older dwellings and the elimination of substandard dwellings by governmental action, and by a shortage of suitable dwellings for elderly persons.(2) Because of higher construction costs, a scarcity of financing available for housing and the resulting increase in interest rates, the housing need which exists in fact has not been able to find economic expression in a market demand sufficient to encourage greater production of homes and rental housing by private industry for persons and families of low and moderate income, including the elderly.(3) Persons and families whose residences are condemned by governmental action in the prosecution of necessary public works in urban slum clearance programs and under regulatory laws protecting health and safety, face insuperable difficulties in finding new housing which is adequate, safe and sanitary. Many such persons and families are not eligible to occupy public housing administered by governmental agencies and are also unable to rent or purchase adequate, safe and sanitary housing because of the economic conditions described. Unless it becomes economically feasible for these persons and families to acquire housing in place of the dwellings now being eliminated by urban renewal programs in blighted areas and other dwellings removed by reason of other public works, such necessary governmental activities face serious curtailment or interruption.(4) The Commonwealth has a strong moral responsibility to assist in providing opportunity for the rental or purchase of relocation housing by persons and families who are displaced by necessary governmental action, as well as a general and continuing responsibility to eliminate conditions which prevent private industry from supplying housing to relieve the general shortage of housing.(5) Private industry alone has been and now is unable to provide the financing necessary, at a cost which persons and families of low and moderate income can afford, for housing for such persons and families and therefore, the specialized financing provided for in this act will encourage greater expenditure of private capital for housing.(6) The relationship of a sufficient provision of adequate, safe and sanitary housing to the advancement of the public health and morals and to the prevention of fire, accident and crime is clear.(7) Therefore, it is hereby declared to be the policy of the Commonwealth of Pennsylvania to promote the health, safety and welfare of its inhabitants by the creation of a body corporate and politic, to be known as the "Pennsylvania Housing Finance Agency," which shall exist and operate for the purposes of alleviating the hardship which results from insufficient production of private homes and of rental housing for persons and families of low and moderate income, including the elderly, the hardship resulting from the relocation of persons displaced by governmental action, the deleterious effect of inadequate housing upon the general welfare of the Commonwealth, and the disadvantages, resulting from economic conditions, which bar private industry from satisfying a vital need, by broadening the market for private homes and for housing for persons and families of low and moderate income, including the elderly, through the provision of specialized financing secured by mortgages to corporations, individuals, joint ventures, partnerships, limited partnerships, trusts, cooperatives and condominiums, which are unable to obtain such financing in the general market or who are unable to participate in specialized Federal housing programs because of lack of available Federal funds, and through cooperation with and assistance to the Pennsylvania Department of Community Affairs as such department carries into effect the powers and duties vested in it, thus improving and stimulating the distribution of investment capital for housing and neighborhood revitalization projects. Such purposes are public purposes for which public money may be spent.1959, Dec. 3, P.L. 1688, Art. I, § 102. Amended 1968, July 31, P.L. 914, No. 274, § 1; 1972, Dec. 5, P.L. 1259, No. 282, § 1, eff. Jan. 11, 1973; 1992, Dec. 18, P.L. 1652, No. 182, § 1, imd. effective.