N.Y. Private Housing Finance Law § 120-a: State supervision and regulation

§ 120-a. State supervision and regulation. A municipality with a

population of less than one million may, by action of its local

legislative body concurred in by the commissioner, provide for the

supervision and regulation of a project and the redevelopment company

carrying out such project by the commissioner in lieu of the supervising

agency. With respect to any such project and company, the commissioner

shall have, from and after the effective date of such action, all of the

powers and duties of a supervising agency pursuant to this article. The

company shall pay to the commissioner fees, as prescribed by the

commissioner, to cover the expenses of examination, audit, and

supervision of the company and the project.