N.Y. NYS Project Finance Agency Act § 15
Notwithstanding any provision of law to the contrary, and upon the issuance by the commissioner of a certificate of assumption of supervision, any corporation project a mortgage on which has been purchased by the agency or assigned as security for an eligible loan shall be subject to the supervision and control of the commissioner and the New York state division of housing and community renewal, which shall have the same powers and responsibilities with respect to such project as they would have if such project were aided by a loan from the state or the New York state housing finance agency under article two of the private housing finance law and which shall assume the additional powers and responsibilities with respect to such project theretofore conferred on the corporation by law or contract. The corporation and the commissioner shall take such actions and execute such documents as may be necessary to implement this section.
N.Y. NYS Project Finance Agency Act Law § 15