New York Consolidated Laws, Private Housing Finance Law - PVH § 557. Supervision of certain housing companies

The provisions of section thirteen of this chapter requiring the approval by the commissioner of housing of the persons incorporating a limited-profit housing company, and the provisions of section fourteen of this chapter requiring the consent of the commissioner of housing to the filing of a certificate of incorporation of a limited-profit housing company in the office of the secretary of state and amendments thereof, shall not apply to a municipally-aided housing company organized for the purpose of purchasing or leasing a federally-aided project or municipally-aided project from a municipality or housing authority.  The deed or lease shall, in such cases, make provision for the supervision of such companies by one or more state, federal or municipal agencies.