The Legislative Assembly finds that:

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(1) A critical shortage exists of suitable, affordable housing for households with an income below the median income. This shortage is particularly acute with respect to rental housing.

(2) During the past half decade, the supply of rental housing that is affordable to households at or below the median income level has not kept pace with the demand.

(3) The lack of suitable, affordable housing is a barrier to Oregon’s development.

(4) It is in the economic and social interest of the state to encourage public agencies and private parties to efficiently expand the supply of housing in Oregon for households at or below the median income level.

(5) The quantity of public resources available to support the expansion and rehabilitation of low and moderate income housing stock is limited. Consequently, it is the policy of this state to attempt to target the use of these resources so that a maximum amount of usable housing product is delivered to Oregon citizens at the minimum cost required for prudent program administration. [1989 c.1016 § 1]