N.Y. Comp. Codes R. & Regs. tit. 9 § 1760.1
With the consent of the division, a housing company may satisfy its existing mortgage and enter into a new State-aided or private mortgage, and thereafter continue under the Mitchell-Lama program. Such refinance may be in connection with a redevelopment plan under which the housing company enters into multiple regulatory agreements with the division and other agencies under a variety of subsidy programs to raise capital for rehabilitation work and to help maintain the premises as safe, decent, and affordable housing. When a refinancing is part of a redevelopment plan that involves more than one governmental agency with supervisory authority, some of the requirements of this Part may be eliminated pursuant to section 1700.6 of this Chapter.
N.Y. Comp. Codes R. & Regs. Tit. 9 § 1760.1