Section 26. It is hereby found and declared that there now exists in many cities and towns in the commonwealth an acute shortage of decent, safe and sanitary housing for persons and families of low or moderate income and others. That this shortage is inimical to the safety, health, morals and welfare of the residents of the commonwealth and the sound growth of communities therein.

That a large and significant number of commonwealth residents have and will be subject to hardship in finding decent, safe and sanitary housing unless new facilities are constructed and existing housing, where appropriate is rehabilitated. Unless the supply of housing is increased significantly and expeditiously, a large number of residents of the commonwealth, especially low or moderate income persons or families, will be compelled to live in unsanitary, overcrowded and unsafe conditions to the detriment of the health, welfare and well-being of these persons and of the whole community of which they are a part. By increasing the housing supply of the commonwealth, the clearance, replanning, development and redevelopment of blighted areas will be aided, and the critical shortage of adequate housing will be ameliorated.

It is further found and declared that this public exigency, emergency and distress has not been met in any way by private agencies. Private enterprise, without the assistance contemplated in this chapter cannot achieve the construction of decent, safe and sanitary housing at rentals which persons and families of low or moderate income can afford in situations where permanent betterment of living conditions is to be hoped for. Moreover, experience has demonstrated that concentration of low income persons and families even in standard structures built with public subsidy does not eliminate slum conditions. It is, therefore, imperative that private enterprise be encouraged to build housing which will prevent the recurrence of slum conditions and assist in their permanent elimination by housing persons of varied economic means in the same project and neighborhoods, and which will promote the development, or redevelopment of blighted open areas, decadent or substandard areas by eliminating blight, decay or deterioration in such areas, or the imminent threat of such blight, decay or deterioration in such areas.

It is hereby further found and declared that the authority and powers conferred under this chapter and the expenditure of public monies pursuant thereto constitutes a serving of a valid public purpose and the enactment of the provisions hereinafter set forth is in the public interest and is hereby so declared to be such as a matter of determination by the general court.