Section 557. Supervision of certain housing companies

The provisions of
  section  thirteen  of  this  chapter  requiring  the  approval  by   the
  commissioner  of  housing  of the persons incorporating a limited-profit
  housing company, and the provisions of section fourteen of this  chapter
  requiring  the consent of the commissioner of housing to the filing of a
  certificate of incorporation of a limited-profit housing company in  the
  office of the secretary of state and amendments thereof, shall not apply
  to  a  municipally-aided  housing  company  organized for the purpose of
  purchasing or leasing a  federally-aided  project  or  municipally-aided
  project  from  a  municipality  or  housing authority. The deed or lease
  shall, in such  cases,  make  provision  for  the  supervision  of  such
  companies by one or more state, federal or municipal agencies.