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 low and\nmoderate income owner-occupants of one to four unit existing private or\nmultiple dwellings within its territorial limits, if such\nowner-occupants would have been eligible under the provisions of this\narticle for a loan made by the municipality pursuant to this article.\n