§ 26-c. Special provisions with respect to Battery Park city projects. 1. No loan shall be made by the state or the New York state housing finance agency for the acquisition, construction, reconstruction, rehabilitation or improvement of a Battery Park city project, nor shall any such project be approved by the commissioner, unless the commissioner finds that:

(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. 2. Notwithstanding any other provisions of this article, in the case of a Battery Park city project financed or to be financed by a loan from Battery Park city authority, all approvals, findings and consents which are required to be given or made by the commissioner pursuant to this article shall be given or made instead by Battery Park city authority, and the authority 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.