§ 15 — Supervision of projects

New York § 15

• Jurisdiction: New York
• Law NYP: NYS Project Finance Agency Act7/75

Text

§ 15. Supervision of projects.\n Notwithstanding any provision of law to the contrary, and upon the\nissuance by the commissioner of a certificate of assumption of\nsupervision, any corporation project a mortgage on which has been\npurchased by the agency or assigned as security for an eligible loan\nshall be subject to the supervision and control of the commissioner and\nthe New York state division of housing and community renewal, which\nshall have the same powers and responsibilities with respect to such\nproject as they would have if such project were aided by a loan from the\nstate or the New York state housing finance agency under article two of\nthe private housing finance law and which shall assume the additional\npowers and responsibilities with respect to such project theretofore\nconferred on the corporation by law or contract. The corporation and the\ncommissioner shall take such actions and execute such documents as may\nbe necessary to implement this section.\n