Findings.

The Council of the District of Columbia finds that:

(1) Homeownership can be afforded by very few lower income families in the District of Columbia.

(2) Homeownership stabilizes families and, in turn, stabilizes neighborhoods, contributing to improved housing conditions and safer, better quality neighborhoods.

(3) The District of Columbia government budgets for the fiscal years ending September 30, 1983, and September 30, 1984, do not have funds available for significant new homeownership initiatives.

(4) Homeownership for lower income families can be achieved, on a limited basis, through the work of nonprofit housing organizations and through private investments in shared equity arrangements which are encouraged by existing federal and District of Columbia income tax laws.

(5) Additional support for nonprofit housing organizations, and private investors in shared equity arrangements, through property tax abatements and other incentives can serve to expand homeownership for lower income families at little or no additional cost to the District of Columbia.

(6) Expansion of homeownership opportunities for lower income families is beneficial to the public peace, health, safety and general welfare.

(7) The purpose of this act is to expand homeownership opportunities for lower income families to the maximum extent possible at the lowest possible direct cost to the District of Columbia.