(A) It is found, determined and declared that the purpose of this subchapter is to take steps designed to reduce the cost of financing for both the acquisition of principal residence housing located in the municipality and the rehabilitation and improvement of principal residence housing located in the municipality in order to provide decent, safe and sanitary housing for qualifying persons of moderate income.
(B) It is further found, determined and declared that the principal residence ownership, rehabilitation and improvement will provide for and promote the public health, safety, morals and welfare, maintain and foster the increase of industrial and commercial activity and economic development, and preserve and increase the ad valorem tax base of the municipality and its environs. The foregoing are declared and determined to be public purposes and functions pertaining to the government and affairs of the municipality.
(2000 Code, § 3.16.020)