Section 16-r - The downstate revitalization fund1.The downstate revitalization fund is hereby created. The corporation is authorized, within available appropriations, to provide financial, project development, or other assistance from such fund to eligible entities as set forth in this subdivision for the purposes of supporting investment in distressed communities in the downstate region, and in support of such projects that focus on: encouraging business, community, and technology-based development, and supporting innovative programs of public and private cooperation working to foster new investment, job creation and small business growth. For-profit businesses, not-for-profit corporations, public benefit corporations, municipalities, and research and academic institutions shall be eligible to apply for such activities under this subdivision including, but not limited to, the following: (a) Support for projects identified through collaborative efforts as part of the overall growth strategy for the local economy, including but not limited to smart growth and energy efficiency initiatives.(b) Support for the attraction or expansion of a business including, but not limited to, those primarily engaged in activities identified as a strategic industry and minority-owned and women-owned business enterprises as defined by subdivisions (c) and (g) of section nine hundred fifty-seven of the general municipal law.(c) Support for land acquisition and/or the construction, acquisition or expansion of buildings, machinery and equipment associated with a project.(d) Support for projects located in an investment zone as defined by paragraph (i) of subdivision (d) of section 957 of the general municipal law.2.Applications for assistance pursuant to this section shall be reviewed and evaluated pursuant to eligibility requirements and criteria set forth in rules and regulations promulgated by the corporation. Approval of project applications shall be made by the chairman and subject to approval by the board of directors of the corporation. Grants and loans awarded under this section shall be awarded on a competitive basis, in response to requests for proposals, and through direct applications accepted at other times at the discretion of the corporation.3.Priority in granting assistance generally will be given to projects (a) with significant private financing or matching funds through other public entities, (b) likely to produce a high return on public investment, (c) with existence of significant support from the local business community, local government, community organizations, academic institutions and other regional parties, (d) deemed likely to increase the community's economic and social viability, (e) with cost benefit analysis that demonstrates sustainable job creation and investments, (f) located in distressed areas using economic criteria developed by the corporation, which may include but not be limited to land value, employment, private investment, economic activity, and population, or (g) whose application is submitted by multiple entities, both public and private.4.Applications for support or assistance under this subdivision shall be made in a form and manner as determined by the corporation, and applicants shall be required to meet the criteria and requirements determined by the corporation pursuant to this act, which will focus on the potential of the project or program to stimulate or enhance economic development in the area or employment opportunities in the distressed communities and regions.5.Assistance may be in the form of loans, grants, or monies contributing to projects for which the corporation or a subsidiary acts as developer. (i) The corporation may act as developer in the acquisition, renovation, construction, leasing or sale of development projects authorized pursuant to this act in order to stimulate private sector investment within the affected community. (ii) In acting as a developer, the corporation may borrow for purposes of this subdivision for approved projects in which the lender's recourse is solely to the assets of the project, and may make such arrangements and agreements with community-based organizations and local development corporations as may be required to carry out the purposes of this section. (iii) Prior to developing any such project, the corporation shall secure a firm commitment from entities, independent of the corporation, for the purchase or lease of such project. (iv) Projects authorized under this subdivision whether developed by the corporation or a private developer, must be located in distressed communities, for which there is a demonstrated demand within the particular community.6.Eligible applicants shall include, but not be limited to, business improvement districts, local development corporations, economic development organizations, institutions of higher education, incubators, technology parks, private firms, municipalities, counties, regional planning councils, tourist attractions, and community facilities.7.The corporation shall submit a report to the director of the budget, the temporary president of the senate, the speaker of the assembly, the minority leader of the senate and the minority leader of the assembly on the investments and accomplishments of the downstate revitalization fund. Such report shall include, but not be limited to, information on the number of jobs created and retained, levels of private sector investment, economic benefit to the state and local economies and types of industries invested in. Such report shall be submitted by July 1, 2009 and July first every year thereafter.8.The corporation shall submit a report to the director of the budget, the temporary president of the senate, the speaker of the assembly, the minority leader of the senate and the minority leader of the assembly evaluating the economic and social benefits of the downstate revitalization fund. Such evaluation shall be prepared by an entity or entities independent of the corporation which shall be selected through a request for proposal process. Such evaluation shall be submitted by October 1, 2009 and October first every year thereafter.9.The corporation is hereby authorized to promulgate rules and regulations in accordance with the state administrative procedure act as are necessary to fulfill the purposes of this section.N.Y. Urban Development Corporation Act § 16-r