Section 89. Consolidated projects; operation of more than one project

The
  commissioner may permit  the  consolidation  of  two  or  more  approved
  projects  or  the  extension or amendment of any approved project or the
  consolidation of any approved project with a proposed project. In any of
  these events, the consolidated project shall be treated as  an  original
  project  and  an  application  shall  be  submitted as in the case of an
  original project and rents and costs  may  be  averaged  throughout  the
  consolidated  or  extended project. The commissioner may likewise permit
  any housing company to organize and operate more than one project or  to
  take  over  any  project  heretofore approved by the commissioner and to
  operate it independently of other projects of the housing company.   The
  commissioner  may  in  his  discretion  decline  to permit more than one
  project to be operated by the same housing company.