§  550.  Application  of  article.  This  article  shall apply only to  federal,  state  or  municipal  projects  purchased or leased from  municipalities  or  housing  authorities by housing companies. Except as  otherwise expressly provided in this article, the terms  and  provisions  of  this  chapter and other applicable laws shall apply to projects sold  or leased to housing companies and to housing companies  acquiring  such  projects.