N.Y. Private Housing Finance Law § 116: Transfer of real property to redevelopment company

§ 116. Transfer of real property to redevelopment company.

Notwithstanding any requirement of law to the contrary or the absence of

direct provision therefor in the instrument under which a fiduciary is

acting, every executor, administrator, trustee, guardian or other

person, holding trust funds or acting in a fiduciary capacity, unless

the instrument under which such fiduciary is acting expressly forbids,

the state, its subdivisions, municipalities, all other public bodies,

all public officers, persons, partnerships and corporations organized

under or subject to the provisions of the insurance law, the

superintendent of financial services as conservator, liquidator or

rehabilitator of any such person, partnership or corporation, owning or

holding any real property within an area, may grant, sell, lease or

otherwise transfer any such real property to a redevelopment company and

receive and hold any cash, stock, income debentures, bonds, mortgages,

or other securities or obligations, secured or unsecured, exchanged

therefor by such redevelopment company and may execute such instruments

and do such acts as may be deemed necessary or desirable by them or it

and by the redevelopment company in connection with a project or

projects. An insurance company which has undertaken a project through

direct ownership and/or lease may transfer to the project any real

property which it owns or holds within an area and the actual cost of

such property to the insurance company shall be included in the total

actual final cost of such project.