(2) For any of the purposes of the public housing law, including, specifically, section seventy-three thereof, and notwithstanding any other provision in the public housing law for establishing the amount of taxes paid or payable with respect to a project for such year and the resulting amount of tax exemption, in computing the amount of tax exemption granted to such non-school portion constituting a project, as defined by the public housing law, the amount of such payment in lieu of taxes paid or payable with respect thereto for any year shall be deemed to be the amount of taxes paid or payable for such year. 3. Any lease, sublease or other agreement entered into between the fund and the city of New York or the board of education pursuant to section four hundred fifty-four of this chapter shall provide for (i) the construction, acquisition, reconstruction, rehabilitation or improvement of one or more combined occupancy structures and (ii) the leasing or subleasing of the school portion of such structures to the city or the board for a term not exceeding ninety-nine years, upon such terms and conditions as may be agreed upon. 4. Every lease, sublease or other agreement executed pursuant to this article shall be subject to the approval of the commissioner of general services and the director of management and budget with respect to all rentals or other payments to be made thereunder by the city of New York, the board of education or by the owner or developer of a combined occupancy structure and shall contain a clause that any agreement of the city of New York thereunder shall be deemed executory to the extent of the moneys available to the city therefor and no liability on account thereof shall be incurred by the city beyond the moneys available for the purpose thereof.