2023 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.