(a) It is the public policy of this state that a mechanism should be created to enable local governments to provide grants which would encourage housing development or encourage the repair, rebuilding and renovations of existing facilities and structures in neighborhoods whose stability depends upon the elimination of blight and the upgrading of structural needs of a facility.
(b) Remodeling and eliminating blight serves a valid public purpose for the stabilization of the value of the neighborhood and increases the value of the facility being rehabilitated.
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