N.Y. Priv. Hous. Fin. Law § 1220
The legislature hereby finds and declares that there exists in New York state a serious need for financial and technical resources to help communities with their efforts to preserve and revitalize main street and downtown business districts which include commercial and residential uses. The legislature therefore finds that a program should be established to provide financial assistance to stimulate reinvestment in properties located within main street, mixed-use commercial, and downtown business districts in urban, small town, and rural areas by preserving existing housing units, fostering the development of new housing units, upgrading commercial and retail areas, and by creating innovative approaches to neighborhood and community revitalization, including the improvement of cultural, civic and community facilities.
N.Y. Priv. Hous. Fin. Law § 1220