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The commissioner may permit the consolidation of two or more approved projects or the extension or amendment of any approved project or the consolidation of any approved project with a proposed project. In any of these events, the consolidated project shall be treated as an original project and an application shall be submitted as in the case of an original project and rents and costs may be averaged throughout the consolidated or extended project. The commissioner may likewise permit any housing company to organize and operate more than one project or to take over any project heretofore approved by the commissioner and to operate it independently of other projects of the housing company. The commissioner may in his discretion decline to permit more than one project to be operated by the same housing company.