A. There exists in Pierce County a shortage of decent, safe and sanitary housing that persons of low income can afford;

B. That interest rates and construction costs have made it impossible for persons of low income to purchase their own homes in Pierce County;

C. That interest rates and construction costs have made it extremely difficult for rental property owners to rehabilitate their rental property and rent it to low income persons at rental rates they can afford;

D. That is it the public policy of Pierce County to assist in making available to persons of low income, through lease or purchase, affordable, decent, safe and sanitary housing;

E. That it is recognized that the shortage of decent, safe and sanitary housing for persons of low income cannot be accomplished through the operation of private enterprise; and

F. That it is a proper governmental function to assist in making available to persons of low income affordable, decent, safe and sanitary housing. Because of the existence of these conditions there is a need for establishment of a Pierce County Housing Authority, and said Authority is herewith established.