1.  Shortage exists.  A shortage of decent housing accommodations for persons or families of low income exists in the State;  

2.  Shortage of funds.  A cause of the lack of new construction in the State has been the recurrent shortage of funds from private sources;  

3.  Hardship.  The reduction in this construction has caused substantial unemployment and underemployment in the construction industry which results in hardship, wastes human resources, impedes the economic and physical development of the State, causes a shortage of housing for persons of low income and adversely affects the welfare and prosperity of the State;  

4.  Encourage construction.  A stable supply of construction loan funds will encourage new housing construction;  

5.  Public funds.  The availability of public funds will create inducements and opportunities for public and private investment in new housing construction; and  

6.  Public use.  Providing these funds is necessary for the public benefit and welfare and is a public use for which funds may be borrowed, advanced, loaned or expended.