§ 301 — Policy of state and purpose of article

§ 301. Policy of state and purpose of article. It is recognized that\nthere exist in New York state certain neighborhoods, which, because of\nheavy in-migrations and other factors, have been characterized by\nover-crowding of population, extensive absentee ownership, and\nconcentrated occupancy particularly by racial minorities. Because of the\nspecial appraisal and servicing problems peculiar to such areas the\nsupply of available mortgage money in these areas is insufficient. It is\nthe declared policy of the state that a medium be established, owned and\nfinanced entirely through private enterprise institutions, through which\nthe mortgage money necessary to re-establish these neighborhoods as\nsound communities would be made available on a sound profit-making\nbasis.\n