It is recognized that there exists an inadequate supply of decent, safe rental housing for elderly persons and elderly families in the Township of North Brunswick. The lack of properly constructed rental housing specifically designed to meet the needs of the elderly at affordable rentals is a serious social problem. To correct this situation, it is necessary to provide for the erection of new dwelling units at rentals at which the elderly can afford. These specific needs and requirements can best be met through the sponsorship of an elderly housing project by a nonprofit corporation.