New York § 1110 Statement of legislative findings and purpose

New York Statutes

§ 1110 — Statement of legislative findings and purpose

New York § 1110

Law PVHPrivate Housing Finance

Art. 19Affordable Home Ownership Development Program

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N.Y. Private Housing Finance § 1110 (2026).

Text

  § 1110. Statement of legislative findings and purpose. The legislature\nhereby finds and declares that home ownership by persons of low and\nmoderate income has long been, and still is, an essential element of the\nstate's social economy, resulting in the development, stabilization and\npreservation of neighborhoods and communities. The legislature further\nfinds that persons of low and moderate income require assistance to\nenable them to supplement their own resources and the ability of the\nprivate sector to make the availability of private home ownership a\nreality. By providing home ownership assistance the state may narrow the\ngap between the resources of the individual and the high cost of home\nownership and by requiring leveraging may cause investment of other\npublic and priva

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§ 1110. Statement of legislative findings and purpose. The legislature\nhereby finds and declares that home ownership by persons of low and\nmoderate income has long been, and still is, an essential element of the\nstate's social economy, resulting in the development, stabilization and\npreservation of neighborhoods and communities. The legislature further\nfinds that persons of low and moderate income require assistance to\nenable them to supplement their own resources and the ability of the\nprivate sector to make the availability of private home ownership a\nreality. By providing home ownership assistance the state may narrow the\ngap between the resources of the individual and the high cost of home\nownership and by requiring leveraging may cause investment of other\npublic and private funds. The appeal of private home ownership has been\ndemonstrated to be a strong incentive to families to move into areas\nwhich otherwise may be in danger of becoming blighted through neglect\nand the lack of investment. Pride in ownership will halt deterioration\nand offer the prospect of turnaround. The legislature further finds that\nadequate private resources are often not available to persons with\nmodest incomes to acquire, rehabilitate or construct their homes and\nthat the preservation of and development of existing private homes can\noften prevent an area from becoming a slum or a blighted area. In\naddition, stimulation of the level of activity in construction of new\naffordable homes will provide needed jobs and stability for communities.\nThe legislature therefore finds that a program should be established to\nprovide monies to make the construction, rehabilitation and improvement\nof homes for low and moderate income persons more affordable. It is\nintended that any monies provided to municipalities through this program\nnot substitute for monies which such municipalities would have spent in\nthe absence of this program and that such monies will enable such\nmunicipalities to expand their commitment to increase the supply and\ncondition of low and moderate income owner occupied housing to levels\ngreater than would have been possible without this program.\n