N.Y. Private Housing Finance Law § 475

§ 475. Interest reduction subsidies. Notwithstanding the provisions of\nany general, special or local law, a municipality, acting through an\nagency, is authorized to provide, or contract to provide, interest\nreduction subsidies for loans made by private investors to owners of one\nto four unit existing private or multiple dwellings within its\nterritorial limits, if such owners would have been eligible under the\nprovisions of this article for a loan made by the municipality pursuant\nto this article.\n