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.
New York Legal Code