NY Priv Hous Fin L § 11-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 11-A - Additional Policy and Purposes of Article.

§  11-a.  Additional  policy  and purposes of article. 1. 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.