N.Y. NYS Project Finance Agency Act7/75 § 15: Supervision of projects

§ 15. Supervision of projects.

Notwithstanding any provision of law to the contrary, and upon the

issuance by the commissioner of a certificate of assumption of

supervision, any corporation project a mortgage on which has been

purchased by the agency or assigned as security for an eligible loan

shall be subject to the supervision and control of the commissioner and

the New York state division of housing and community renewal, which

shall have the same powers and responsibilities with respect to such

project as they would have if such project were aided by a loan from the

state or the New York state housing finance agency under article two of

the private housing finance law and which shall assume the additional

powers and responsibilities with respect to such project theretofore

conferred on the corporation by law or contract. The corporation and the

commissioner shall take such actions and execute such documents as may

be necessary to implement this section.