NY Pub Auth L § 2425 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 17 - State of New York Mortgage Agency Act Part 2 2425 - Statement of Legislative Findings and Purpose With Respect to Insurance Commitments or Contracts by the Agency.

§  2425. Statement of legislative findings and purpose with respect to   insurance commitments or contracts by the agency.  It  is  hereby  found   that  there  exist  in  many  cities,  towns  and  villages of the state   neighborhoods which are blighted, are becoming blighted  or  may  become   blighted   because   of   substandard,   insanitary,   deteriorated   or   deteriorating conditions, including  undermaintained  and  deteriorating   housing   accommodations   and   related   retail  and  other  community   facilities.It is further found that there exists throughout the state a seriously   inadequate   supply   of   safe,   sanitary   and   affordable   housing   accommodations  for  persons of low income. As a result, a large portion   of the state's population, including many persons of  low  income,  must   continue   to   reside  in  undermaintained  and  deteriorating  housing   accommodations. These conditions are contrary to the public interest and   threaten the health, safety, welfare, comfort and security of the people   of the state.It is further found that a deficiency of mortgage financing is one  of   the  causes  of  the  above  conditions.  The unaided efforts of private   enterprise have not been able to provide nor can they provide sufficient   funds to refinance  existing  mortgage  indebtedness  and  to  undertake   necessary  preservation and rehabilitation of housing accommodations and   related retail and other community facilities within neighborhoods which   are blighted, are becoming blighted or may become blighted.It is further found that the lack of mortgage insurance for  loans  to   refinance  existing indebtedness and to undertake necessary preservation   and rehabilitation of housing  accommodations  and  related  retail  and   other  community facilities within such neighborhoods is one reason that   the available funds are not sufficient to satisfy the mortgage financing   needs of such neighborhoods.It is further found that the conditions set  forth  herein  accelerate   the  deterioration  of  housing accommodations, related retail and other   community facilities as well as the neighborhoods  in  which  such  real   property is located. Uncorrected, such conditions will increase the rate   of  abandonment  and  destruction  of housing accommodations and related   retail and other community facilities. Abandonment and  destruction,  in   turn,  erode  the  local  tax  base,  which  deprives  cities, towns and   villages of revenues needed  for  essential  services  such  as  police,   sanitation  and  fire fighting. Failure to fund essential services could   require the state to provide costly financial assistance  to  ameliorate   the emergency conditions thus created.It  is  further  found  that  if mortgage insurance were available for   loans to refinance existing  indebtedness  and  to  undertake  necessary   preservation  and  rehabilitation  of housing accommodations and related   retail and other community facilities, the conditions of  blight  within   such neighborhoods could be ameliorated or averted.It is therefore declared to be a public purpose of the state, in order   to  promote  the  preservation  of neighborhoods which are blighted, are   becoming blighted or may become blighted, to provide safe, sanitary  and   affordable  housing  accommodations  to  persons, including those of low   income,  who  reside  in   such   neighborhoods,   and   to   discourage   disinvestment  and  encourage  the investment of mortgage capital in the   real estate situated in such neighborhoods by authorizing the agency  to   insure  qualified  mortgage  loans  in such neighborhoods subject to the   terms and provisions hereinafter set forth.The necessity in the public interest for  the  provisions  hereinafter   enacted is hereby declared as a matter of legislative determination.* Also,  it  is  hereby  found  that  it has become very expensive and   programmatically restrictive for the agency and for  other  entities  to    purchase  mortgage  pool insurance coverage. It is therefore declared to   be in the public interest to authorize the agency to  use  the  mortgage   insurance  fund  to  provide mortgage pool insurance for mortgages which   the  agency  purchases pursuant to its programs, and to provide mortgage   pool insurance  for  certain  other  entities  in  accordance  with  the   provisions of this title.* NB Repealed July 23, 2023Also,  it  is  hereby  found  and  declared  that  it is in the public   interest to facilitate  the  financial  activities  of  the  development   corporation  by  providing  a source or potential source of payment into   funds established by such  corporation  for  the  payment  of  financial   obligations  or  financial  rights  of  such  corporation under bonds or   ancillary bond facilities.