N.Y. Private Housing Finance Law § 502: Condemnation of excess property

§ 502. Condemnation of excess property. A municipality may take

private property for a limited-profit housing company by condemnation

for the purpose of providing low rent housing for families of low

income, or for the clearance, replanning, reconstruction and

rehabilitation of areas, or for both of such purposes, and for

recreational and other facilities incidental or appurtenant thereto, but

in excess of that required for public use after such purposes shall have

been accomplished. A municipality or a limited-profit housing company

may improve and utilize such excess property wholly or partly for any

other public purpose, or may lease or sell such excess property with

restrictions to preserve and protect the project or projects.

Proceedings to acquire such excess property may be brought by the

municipality for a limited-profit housing company in the same manner as

for the real property required for the project and may be included in

the proceedings for the acquisition of real property required for the

project.