N.Y. Private Housing Finance Law § 920

§ 920. Statement of legislative findings and purpose. The legislature\nhereby finds and declares that there exists in New York state a serious\nneed for the restoration and improvement of housing, local commercial\nareas and public facilities in distressed urban neighborhoods and that\nthe state should encourage the revitalization of such neighborhoods;\nthat not-for-profit community-based organizations and charitable\norganizations that have a direct interest in improving the health,\nsafety and economic viability of a distressed urban neighborhood can\nplay a crucial role in such revitalization; the legislature therefore\nfinds that a program should be established to fund not-for-profit\ncommunity-based organizations and charitable organizations to improve\ndistressed urban neighborhoods by preserving existing housing units,\ngenerating new housing units, upgrading commercial and retail areas, and\nby creating innovative approaches to neighborhood and community\nrevitalization which improve cultural and community facilities and\nspirit.\n