As mentioned by other people, this is a call for proposals to initiate a pilot project (https://transitinnovation.org/challenge/covid) with various transit entities in NY state. The phrase "proof of concept" on the page refers to determining how the prototype or product would be implemented with each transit partner.
There is a demo day with judges, however this is for startups or teams that have a prototype or later stage, not for validating an idea or discerning product-market fit (which is normally where an early stage incubator or accelerator would fit). They did have an accelerator program - but the deadline for that was Dec 19 2019 (https://transitinnovation.org/lab).
As with anything legal, have your own lawyer review it prior to signing.
If you meet the criteria and have been invited to apply, contact them and set up a meeting to ask them detailed questions. Best of luck!