New York Consolidated Laws, Private Housing Finance Law - PVH § 90. Purchase by housing companies

Before any housing company shall purchase the property of any other housing company, it shall file an application with the commissioner in the manner hereinbefore provided as for a new project and shall obtain the consent of the commissioner to the purchase and agree to be bound by the provisions of this article and the commissioner shall not give his consent unless it is shown to the satisfaction of the commissioner that the project is one that can be successfully operated according to the provisions of this article.