The legislature hereby finds, determines and declares that there exists in this state:
The legislature further finds and declares that such conditions cannot be corrected by the ordinary operations of private enterprise and are contrary to the public interest. They threaten the health, safety, welfare, morale, comfort and security of the people of this state.
The legislature hereby declares it to be the policy of this state to provide an adequate supply of safe and sanitary dwelling accommodations; to increase job opportunities and protect against involuntary unemployment and underemployment by promoting, attracting, stimulating and revitalizing business, commerce, industry and manufacturing in the urban areas of the state; and to arrest the spread of deterioration and blight and promote the economic and physical development of such areas through the construction, reconstruction, rehabilitation and improvement of residential, commercial and industrial structures and facilities therein.
For these purposes, there should be created a nonprofit corporation known as "Corporation for Urban Development and Research of New York" which, with grants and loans from private sources, through the issuance of bonds and notes to the investing public, and through participation in federal, state, and local programs, may independently and in cooperative effort with the New York state urban development corporation and the urban development guarantee fund of New York, acquire, construct, reconstruct, rehabilitate and improve, and finance the acquisition, construction, reconstruction, rehabilitation and improvement of, housing accommodations and industrial, manufacturing, commercial and recreational structures and facilities; clear, replan, reconstruct, and rehabilitate such substandard and insanitary areas; and conduct research and experimentation in all these fields.
The legislature further finds and declares that such a non-profit corporation organized for such purposes and with the powers and authorities necessary to accomplish them cannot be created under any general law; that such a corporation being necessary and proper to obtain the ends here recited, it should be created by a special act of the legislature.
N.Y. Urban Development Research Corporation Act § 2