(1) while State and privately funded transit-oriented development is paramount and necessary for the orderly economic development of the State, such development should be pursued in a manner that extends benefits to and minimizes negative impacts on the communities in and adjacent to the development;

(2) in order to preserve and enhance the State’s diverse cultural fabric in communities affected by transit-oriented development, it is essential for the public and private sectors to cooperate in developing partnerships that aim to stabilize such communities;

(3) it is most fruitful to seek community input and involvement from organizations in areas affected by transit-oriented development in order to best address the physical, cultural, and economic impacts of the development; and

(4) fostering community-based initiatives for neighborhood stability and growth is in the public interest.

(b) The purpose of this title is to promote and assist community-based initiatives that enhance neighborhood stability and economic growth in communities that are directly impacted by State- and privately funded transit-oriented development.