§ 301. Policy of state and purpose of article. It is recognized that
there exist in New York state certain neighborhoods, which, because of
heavy in-migrations and other factors, have been characterized by
over-crowding of population, extensive absentee ownership, and
concentrated occupancy particularly by racial minorities. Because of the
special appraisal and servicing problems peculiar to such areas the
supply of available mortgage money in these areas is insufficient. It is
the declared policy of the state that a medium be established, owned and
financed entirely through private enterprise institutions, through which
the mortgage money necessary to re-establish these neighborhoods as
sound communities would be made available on a sound profit-making
basis.