N.Y. Private Housing Finance Law § 557: Supervision of certain housing companies

§ 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.