New York § 1150 Statement of legislative findings and purposes

New York Statutes

§ 1150 — Statement of legislative findings and purposes

New York § 1150

Law PVHPrivate Housing Finance

Art. 22Affordable Housing Development Loans

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N.Y. Private Housing Finance § 1150 (2026).

Text

  § 1150. Statement of legislative findings and purposes. It is hereby\nfound and declared that there exists in the city of New York a seriously\ninadequate supply of safe, sanitary and affordable dwelling\naccommodations for persons and families for whom the ordinary operations\nof private enterprise cannot provide such accommodations. The\nlegislature further finds and declares that the city of New York should\nbe permitted to assist the private sector in the development of dwelling\naccommodations affordable to such persons through establishment of a\nprogram to provide monies to make the construction of dwelling\naccommodations more affordable. It is recognized that currently the city\nof New York assists the development of such housing accommodations\nthrough the provisions of article

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§ 1150. Statement of legislative findings and purposes. It is hereby\nfound and declared that there exists in the city of New York a seriously\ninadequate supply of safe, sanitary and affordable dwelling\naccommodations for persons and families for whom the ordinary operations\nof private enterprise cannot provide such accommodations. The\nlegislature further finds and declares that the city of New York should\nbe permitted to assist the private sector in the development of dwelling\naccommodations affordable to such persons through establishment of a\nprogram to provide monies to make the construction of dwelling\naccommodations more affordable. It is recognized that currently the city\nof New York assists the development of such housing accommodations\nthrough the provisions of articles fifteen and sixteen of the general\nmunicipal law which permit such assistance on city-owned sites which are\nsold to private developers or non-profit groups for construction of\nhousing. It is intended that the city of New York also be authorized to\nexpend monies to assist housing development on sites which are not\ncity-owned. Accordingly, the legislature enacts this article to provide\nsuch authorization and to encourage the development of additional\naffordable dwelling accommodations.\n