N.Y. Private Housing Finance Law § 120-a

§ 120-a. State supervision and regulation. A municipality with a\npopulation of less than one million may, by action of its local\nlegislative body concurred in by the commissioner, provide for the\nsupervision and regulation of a project and the redevelopment company\ncarrying out such project by the commissioner in lieu of the supervising\nagency. With respect to any such project and company, the commissioner\nshall have, from and after the effective date of such action, all of the\npowers and duties of a supervising agency pursuant to this article. The\ncompany shall pay to the commissioner fees, as prescribed by the\ncommissioner, to cover the expenses of examination, audit, and\nsupervision of the company and the project.\n