N.Y. Priv. Hous. Fin. Law § 1150
It is hereby found and declared that there exists in the city of New York a seriously inadequate supply of safe, sanitary and affordable dwelling accommodations for persons and families for whom the ordinary operations of private enterprise cannot provide such accommodations. The legislature further finds and declares that the city of New York should be permitted to assist the private sector in the development of dwelling accommodations affordable to such persons through establishment of a program to provide monies to make the construction of dwelling accommodations more affordable. It is recognized that currently the city of New York assists the development of such housing accommodations through the provisions of articlesfifteen and sixteen of the general municipal law which permit such assistance on city-owned sites which are sold to private developers or non-profit groups for construction of housing. It is intended that the city of New York also be authorized to expend monies to assist housing development on sites which are not city-owned. Accordingly, the legislature enacts this article to provide such authorization and to encourage the development of additional affordable dwelling accommodations.
N.Y. Priv. Hous. Fin. Law § 1150