Where a housing company refinances pursuant to Part 1760 of this Title with a private lender that has its own procedures and safeguards to assure appropriate use of its funds with respect to any improvements it is funding, the division may upon written agreement with the lender modify the applicability of procedures pursuant to the Subpart in light of such supervision. Where a housing company participates in a preservation transaction pursuant to Part 1760 of this Title involving supervision of contracts, commitments, purchases, or other matters through another set of governmental procedures, the division may by written agreement modify the applicability of its procedures pursuant to the requirements of this Chapter in light of such supervision.