(a) the estimated revenues of the project will be sufficient to cover all probable costs of all operations and maintenance, of fixed charges and operating reserves and depreciation reserves, if any;
(b) the plans and specifications of the project assure adequate light, air, sanitation and fire protection;
(c) the project is in conformity with a plan or undertaking for providing low rent housing facilities for persons of low income and for the clearance, replanning, reconstruction or rehabilitation of a substandard and insanitary area or areas and for other facilities incidental or appurtenant thereto as may be approved by the commissioner. 2. Any state urban development corporation project shall comply with the requirements of local laws, ordinances, codes, charters or regulations applicable to the construction, reconstruction, rehabilitation, alteration or improvement of such project, except where the state urban development corporation, in its discretion, finds such compliance not feasible or practicable, in which event such project shall comply with the requirements of the state building construction code, formulated by the state building code council pursuant to article eighteen of the executive law, applicable to such construction, reconstruction, rehabilitation, alteration or improvement. No county, city, town or village shall have power to modify or change the drawings, plans or specifications for the construction, reconstruction, rehabilitation, or improvement of any such project or the construction, plumbing, heating, lighting or other mechanical branch of work necessary to complete the work in question, nor to require that any person, firm or corporation employed on any such work shall perform any such work in any other or different manner than that provided by such plans and specifications, nor to require that any such person, firm or corporation obtain any other or additional authority, approval, permit or certificate from such county, city, town or village as a condition of doing such work, nor shall any condition whatever be imposed by any such county, city, town or village in relation to the work being done, and the doing of any such work by any person, firm or corporation in accordance with the terms of such drawings, plans, specifications or contracts shall not subject said person, firm or corporation to any liability or penalty, civil or criminal, other than as may be stated in such contracts or incidental to the proper enforcement thereof; nor shall any county, city, town or village have power to require that any subsidiary of the New York state urban development corporation, or any lessee therefrom or successor in interest thereto, obtain any other or additional authority, approval, permit, certificate or certificate of occupancy from such county, city, town or village as a condition of owning, using, maintaining, operating or occupying any project acquired, constructed, reconstructed, rehabilitated or improved by any such subsidiary of the New York state urban development corporation. 3. Notwithstanding any other provision of this article, in the case of a state urban development corporation project financed or to be financed by a loan from the state urban development corporation, the corporation shall exercise, with respect to such project and with respect to the company carrying out such project, all of the powers and duties exercised by the commissioner pursuant to this article with respect to projects financed by the New York state housing finance agency until such project, or any part thereof, is ready for initial occupancy as determined by the commissioner, and thereafter, upon the issuance by the commissioner of a certificate of assumption of supervision, such project 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 this article 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 of housing and community renewal shall take such actions and execute such documents as may be necessary to implement this subdivision.