§ 15. Supervision of projects.

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.