New York Consolidated Laws, Private Housing Finance Law - PVH § 361. Supervision and regulation

3. (a) The department may, with respect to any project of which the New York state housing finance agency has acquired the fee or otherwise, enter into an agreement with said agency subject to the approval of the director of the budget, for the department, as provided in paragraph (b) hereof, to operate the said project in a manner consistent with the purposes of this article.  In such event, the department shall have the power to use any available funds to pay all operating expenses and to comply with all the terms and provisions of the mortgage, as though the mortgage had not been foreclosed, and to comply with the provisions of this article.

(b) Subject to the provisions of the agreement with said agency, the department may contract with any person, firm or corporation which it deems qualified to operate and manage such project and to perform such duties and functions as it may deem necessary.