A. The council hereby finds and declares that it is necessary, essential, a public purpose and a municipal affair for the city to be authorized to make loans or otherwise provide funds to finance the development of affordable multifamily rental housing to meet a substantial housing need identified in the community.

B. The council further fords and declares that it is necessary, essential, a public purpose and a municipal affair for the city to make loans or otherwise provide funds to encourage the availability of adequate housing and home finance for persons and families of low or moderate income, and to develop viable communities by providing decent housing, enhanced living environment, and increased economic opportunities for persons and families of low or moderate income.