TO DEVELOP, ON A NONPROFIT BASIS, ONE OR MORE HOUSING PROJECTS FOR PERSONS OF LOW AND MODERATE INCOME WHERE NO ADEQUATE HOUSING EXISTS FOR SUCH PERSONS, WHICH PROJECT IS TO BE FUNDED BY GOVERNMENT AIDED OR OTHER PERMANENT FINANCING AS PROVIDED FOR IN RELEVANT STATE AND FEDERAL STATUTES. THE CORPORATION IS EMPOWERED TO DO AND PERFORM ALL ACTS REASONABLY NECESSARY TO ACCOMPLISH THE PURPOSES OF THE CORPORATION. IN CONNECTION WITH THESE ACTIVITIES, THE CORPORATION SEEKS TO LESSON THE BURDEN OF PROVIDING HOUSES AND OTHER HOUSING-RELATED ISSUES OF BOTH GREATER NEWARK AND THE STATE OF NEW JERSEY, BY SEEKING PUBLIC PRIVATE COOPERATION IN CONNECTION WITH THE DEVELOPMENT OF AFFORDABLE HOUSING.