N.Y. Priv. Hous. Fin. Law § 920
The legislature hereby finds and declares that there exists in New York state a serious need for the restoration and improvement of housing, local commercial areas and public facilities in distressed urban neighborhoods and that the state should encourage the revitalization of such neighborhoods; that not-for-profit community-based organizations and charitable organizations that have a direct interest in improving the health, safety and economic viability of a distressed urban neighborhood can play a crucial role in such revitalization; the legislature therefore finds that a program should be established to fund not-for-profit community-based organizations and charitable organizations to improve distressed urban neighborhoods by preserving existing housing units, generating new housing units, upgrading commercial and retail areas, and by creating innovative approaches to neighborhood and community revitalization which improve cultural and community facilities and spirit.
N.Y. Priv. Hous. Fin. Law § 920