N.Y. Priv. Hous. Fin. Law § 1100
The legislature hereby finds and declares that there is a serious shortage of decent affordable housing in the state for persons of low income; that the cost of providing such housing without public participation and assistance is prohibitively high; that there exists throughout the state a significant number of dwellings which are deteriorated and are vacant or underutilized; that the existence of such properties creates a serious threat to the health and safety of persons who live in or near them, limits the availability of decent affordable housing to others, contributes to the blight and deterioration of neighborhoods, and drains municipal resources and expenditures; that the rehabilitation of these properties would stem the deterioration of neighborhoods and promote the preservation and creation of safe and sanitary low income housing; that the potential exists to make such housing available to persons of low income through projects carried out by eligible applicants to rehabilitate these dwelling accommodations, bring these accommodations into compliance with all applicable laws and regulations and remove all hazardous and immediately hazardous code conditions; that the purposes of this article should also be served by providing for new construction of housing for persons of low income in areas in which rehabilitation opportunities are limited or where new construction would prove to be more effective; that the carrying out of such projects serves a significant public purpose and may appropriately be performed by eligible applicants; that payment for such services, tax exemptions and other public participation in such projects would bring down the cost of such housing and make it affordable to persons of low income; and that it is the policy of the state to preserve and create such housing and to provide for the aid, care, and support of the needy. The legislature therefore finds that a program should be established to provide monies for the rehabilitation and construction of these properties by eligible applicants to promote the preservation and creation of affordable housing for persons of low income.
It is intended that any payments, grants or loans provided to municipalities through this program not substitute for funds which such municipalities would have spent in the absence of this program and that such payments, grants and loans will enable such municipalities to expand their commitment to increase the supply of affordable low income housing to levels greater than would have been possible without this program.
N.Y. Priv. Hous. Fin. Law § 1100