The purposes of the Program are to:

(1)    provide decent, safe, and sanitary rental housing for households of lower income;

(2)    provide financial assistance to political subdivisions or housing authorities to acquire, construct, reconstruct, renovate, or rehabilitate rental housing affordable to households of lower income;

(3)    stimulate the development and ownership of rental housing for households of lower income by political subdivisions, housing authorities, or partnerships that include political subdivisions or housing authorities;

(4)    provide financial assistance to private sector entities to acquire, construct, reconstruct, renovate, or rehabilitate housing units:

(i)    for sale to political subdivisions, housing authorities, or partnerships that include political subdivisions or housing authorities, as affordable rental housing for households of lower income; or

(ii)    for occupancy by households of lower income that include one or more individuals with disabilities or special needs;

(5)    promote affordable housing programs and increased contributions to the production of affordable rental housing by political subdivisions, housing authorities, and the private sector, including for profit and nonprofit entities;

(6)    encourage households of lower income that live in partnership rental housing to contribute actively to the operation or maintenance of the housing or the community;

(7)    finance rental housing that is:

(i)    to be occupied by households of lower income;

(ii)    to be owned by political subdivisions or housing authorities or partnerships that include political subdivisions or housing authorities; and

(iii)    expected to be financially self-sufficient, without further governmental financing for maintenance, renovation, or operating subsidies; and

(8)    encourage the private sector to provide rental housing for households of lower income that include one or more individuals with disabilities or special needs.