With the consent of the division, a housing company may satisfy its existing mortgage and enter into a new State-aided or private mortgage, and thereafter continue under the Mitchell-Lama program. Such refinance may be in connection with a redevelopment plan under which the housing company enters into multiple regulatory agreements with the division and other agencies under a variety of subsidy programs to raise capital for rehabilitation work and to help maintain the premises as safe, decent, and affordable housing. When a refinancing is part of a redevelopment plan that involves more than one governmental agency with supervisory authority, some of the requirements of this Part may be eliminated pursuant to section 1700.6 of this Chapter.