§ 450. Policy and purposes of article. It is hereby declared that
there exists in municipalities in this state a seriously inadequate
supply of safe and sanitary dwelling accommodations; that such shortage
constitutes an emergency and a grave menace to the health, safety,
morals, welfare and comfort of citizens of this state; that existing
conditions of deterioration of housing marked by noncompliance with the
multiple dwelling law or local housing codes threaten a further decrease
in such supply; that rehabilitation and improvement of dwellings to
prolong the useful life of such dwellings may be necessary to arrest
such conditions of deterioration; that the elimination of such
conditions by rehabilitation or other improvement cannot readily be
provided by the ordinary unaided operation of private enterprise without
public aid in the form of low interest loans or grants to owners of such
multiple dwellings; that such rehabilitation or other improvement of
such dwellings to bring them into conformance with the multiple dwelling
law and local housing codes is a public use, a public purpose and a city
purpose for which public money may be loaned or granted by a
municipality and for which indebtedness may be contracted by a
municipality; that such conditions require the provisions hereinafter
enacted, and the necessity in the public interest for the provisions
hereinafter enacted is hereby declared as a matter of legislative
determination.