N.Y. Private Housing Finance Law § 557

§ 557. Supervision of certain housing companies. The provisions of\nsection thirteen of this chapter requiring the approval by the\ncommissioner of housing of the persons incorporating a limited-profit\nhousing company, and the provisions of section fourteen of this chapter\nrequiring the consent of the commissioner of housing to the filing of a\ncertificate of incorporation of a limited-profit housing company in the\noffice of the secretary of state and amendments thereof, shall not apply\nto a municipally-aided housing company organized for the purpose of\npurchasing or leasing a federally-aided project or municipally-aided\nproject from a municipality or housing authority. The deed or lease\nshall, in such cases, make provision for the supervision of such\ncompanies by one or more state, federal or municipal agencies.\n