Sec. 8.106. [Cooperation Agreement for Public Housing] WHEREAS, there is in and about the City of Los Angeles a shortage of safe and sanitary dwelling accommodations available at rents which persons of low income can afford which condition causes an increase in the spreading of disease and crime and constitutes a menace to the health, safety, morals and welfare of the residents of the City of Los Angeles; and WHEREAS, the Housing Authority of the City of Los Angeles, in order that safe and sanitary dwelling accommodations may be available for persons of low income at rents they can afford, proposes to develop and administer a low-rent housing project or low-rent housing projects consisting of approximately ten thousand (10,000) dwelling units; and WHEREAS, there exist in the City of Los Angeles unsafe and insanitary dwelling accommodations of a number greatly in excess of said ten thousand (10,000) dwelling units which are occupied by families of low income; and WHEREAS, there are now families of low income in the City of Los Angeles of a number greatly in excess of ten thousand (10,000) who are forced to inhabit such unsafe and insanitary dwelling accommodations because private enterprise has not been able to make available to such families, safe and sanitary dwelling accommodations at rentals which such low income families can afford to pay. NOW THEREFORE, The People of the City of Los Angeles Do Ordain as Follows: Section 1. That the City of Los Angeles approves the development, construction, and operation of a low-rent housing project or projects consisting of approximately ten thousand (10,000) dwelling units, in accordance with Section 8 (b) of the Housing Authorities Law (Chapter 4, Statutes of 1938, Extra Session, approved March 21, 1938, as amended). Sec. 2. That the City of Los Angeles approves the application of the Housing Authority of the City of Los Angeles to the Public Housing Administration for a preliminary loan for surveys and planning in respect to such projects, pursuant to Section 15(7)(a)(i) of the United States Housing Act of 1937, as further amended by the Housing Act of 1949, if such loan is deemed necessary by the Housing Authority of the City of Los Angeles. Sec. 3.