N.Y. Private Housing Finance Law § 553: Conditions precedent to sale or lease

§ 553. Conditions precedent to sale or lease. No such grant, sale,

lease or conveyance under this article shall be made unless (1) the

authority or municipality, after a public hearing on ten days published

notice, and with the approval of the government providing the financial

assistance, shall find that such transfer is in the best public

interest, (2) adequate provision will be made for tenant relocation, and

(3) adequate provision will be made for the payment or retirement of all

bonds, notes and other obligations issued by the municipality or

authority to finance the project cost.