§ 65-c. Approval of funding agreement; issuance of requests for proposals. The city's funds for such projects shall be provided as payments, grants or loans pursuant to a funding agreement or agreements with the agency. Any such agreement shall include the amount of funding to be provided by the city, the manner in which the city will make the funds available to the agency or the agency's designee, and a description of the projects and project sites, and shall be subject to the approval of the mayor and the local legislative body of the city. Notwithstanding any inconsistent provisions of law, general, special or local, or charter, the mayor and the local legislative body shall take action to approve or disapprove such agreement within sixty days of its submission, provided, however, that if the mayor fails to approve or disapprove the agreement during such period the mayor shall be deemed to have approved the agreement and provided further that if the local legislative body fails to approve or disapprove such agreement during such period the local legislative body shall be deemed to have approved the agreement. In the case of a project for which a not-for-profit corporation, housing development fund company or limited profit entity has provided sites with the city's approval, approval by the mayor and the local legislative body shall not be required under this section where such project has already received approval from the mayor and the local legislative body. Upon approval by the mayor and the local legislative body of such agreement, and upon satisfaction of such other conditions as the agency may establish, including but not limited to, satisfactory assurances from the city that projects on approved sites will receive expedited reviews by city departments and agencies having jurisdiction over the project, the agency is authorized to issue one or more requests for proposals to developers who shall be not-for-profit organizations or persons, partnerships, corporations or other entities that will agree to limit their profits or rate of return of investors in accordance with a formula established or approved by the agency with respect to the project, for the development, design, construction, or rehabilitation of permanent housing projects for eligible homeless families. Approval of an agreement by the mayor and the local legislative body pursuant to this section shall not itself require compliance with any local land use review procedure, nor shall it constitute an action for purposes of Article 8 of the environmental conservation law, provided, however, that this section shall not grant any exemption from such procedures or laws if otherwise applicable. Notwithstanding the provisions of Article 1-A of the public authorities law, contracts entered into by the agency pursuant to this Article -A of the public authorities law.