§ 470. Policy and purposes of article. It is hereby declared and found that there exists in municipalities within the state substandard and unsanitary areas and neighborhoods containing deteriorated one to four unit private and multiple dwellings, and that the rehabilitation or preservation of such dwellings is necessary in order to aid in the prevention and elimination of slums and blight in such areas and neighborhoods.

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It further is found that there exists in such municipalities a seriously inadequate supply of safe and sanitary one to four unit private and multiple dwellings, particularly for persons of low and moderate income, that existing non-compliance with local housing codes and with the multiple dwelling law and the multiple residence law threatens to decrease such supply, and that the rehabilitation, preservation and improvement of such dwellings is necessary to arrest such conditions of deterioration.

It further is found that the elimination of such conditions by rehabilitation or other improvements in one to four unit private and multiple dwellings cannot be readily provided without public aid in the form of low interest loans or grants to owners of such one to four unit dwellings.

The rehabilitation, preservation or other improvement of such private and multiple dwellings is hereby declared a public purpose and a municipal purpose for which public monies may be loaned or granted.

In order, further, to promote the preservation and rehabilitation of such dwellings, it is hereby declared that additional provisions should be made to provide public monies for interest reduction subsidies for private loans made by private investors for such rehabilitation.

The necessity in the public interest for the provisions of this article is hereby declared as a matter of legislative determination.