N.Y. Private Housing Finance Law § 576-a: Acquisition and disposition of real property by municipality

§ 576-a. Acquisition and disposition of real property by municipality.

1. Real property may be acquired by a municipality for a housing

development fund company by gift, grant, devise, purchase, condemnation

pursuant to the provisions of article nine of this chapter, or

otherwise.

2. Notwithstanding any other provision of general, special or local

law, charter or ordinance, a municipality may sell, lease or otherwise

dispose of real property to a housing development fund company without

public auction or sealed bids, provided that notice of such sale, lease

or other disposition is published and a hearing is held before the local

legislative body not less than ten days after such publication.

3. In any case where a municipality shall acquire real property for or

convey real property to a housing development fund company under the

provisions of this section, the deed or lease of the property to the

housing development fund company shall contain appropriate provisions

restricting the disposition of the property by the housing development

fund company, through provisions for a reversion of the property

conditioned on its continued use for purposes of housing, provisions

requiring the approval of the municipality to any sale, transfer,

exchange, assignment or lease, or otherwise.