§ 7-49-101 — Legislative declaration

(1) The general assembly hereby finds
and declares that:

(a) There exists in both the urban and rural areas of the state a substantial
quantity of older houses which, while still structurally sound and safe, are in danger
of deteriorating due to the lack of available private investment capital which would
help ensure their purchase or rehabilitation;

(b) The purchase, repair, and restoration of such houses by interested
persons will tend to stabilize the physical and social environment of the area in
which such houses are located, preserve the economic base of the community of
which they are a part, and help prevent the spread of blighted houses;

(c) A need exists for assistance to individuals and families in securing
financing to purchase or rehabilitate such housing; that such purpose can best be
met by coordination and cooperation among private lenders and insurers with state
and local governments; that such assistance can be provided by stimulating the
flow of private investment capital into the financing of such houses by providing a
program of mortgage lending and insurance specifically designed to provide loans
or insurance to individuals or families who would otherwise qualify for mortgage
loans in areas of newer housing; and that local governments can further stimulate
the upgrading of endangered older houses by minimizing the problems associated
with over-restrictive and narrowly-defined and administered building codes and
inspection procedures.

(2) It is further declared that a general law cannot be made applicable to the
corporation authorized by this article because of the atypical and special nature of
the corporation's powers, duties, privileges, rights, and liabilities.

Legislative History

Source: L. 75: Entire article added, p. 264, � 1, effective June 29.