Section 1. The general court finds and declares that: (a) the commonwealth has already designated certain chronically depressed areas, and may hereafter designate other such areas, as target areas; (b) the development of these target areas will promote employment and the fuller utilization of local resources and will enhance the fiscal health of the commonwealth and its cities and towns; (c) the commonwealth has already implemented policies designed to provide capital and other financial assistance to community development corporations and other organizations seeking to alleviate the debilitating conditions characterizing these target areas, but the lack of technical assistance to these organizations inhibits the commonwealth’s ability to redevelop such areas; (d) due to the critical shortage of housing in the commonwealth that is affordable to persons of low and moderate income, the preservation of existing and the creation of new housing that is affordable to persons of low and moderate income will enhance the fiscal health of the economy of the commonwealth; (e) therefore, it is in the public interest of the commonwealth to promote the prosperity and general welfare of its citizens, a public purpose for which public money may be expended, to provide technical and financial assistance and related services to community development corporations, nonprofit corporations and other organizations, to promote the revitalization of target areas and to preserve and develop housing affordable to low and moderate income persons; and (f) the creation of the Community Economic Development Assistance Corporation will assist in serving these public purposes.