These regulations set forth the types of available assistance, evaluation criteria, application and project process and related matters for the Downstate Revitalization Fund (the “program”). The program was created pursuant to section 16-r of the New York State Urban Development Corporation Act, as added by chapter 57 of the Laws of 2008 (the “act”) for the purposes of supporting investment in distressed communities in the downstate region and in support of 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.