N.Y. Public Housing Law § 58-a: Sale of dwelling units by authorities

§ 58-a. Sale of dwelling units by authorities. 1. Subject to the

approval of the commissioner in the case of a state project, the federal

government in the case of a federal project or in the case of dwelling

units leased by an authority pursuant to the provisions of section

twenty-three of the United States housing act of nineteen hundred

thirty-seven, as amended, and thereafter purchased by the authority, and

the local legislative body in the case of a municipal project, an

authority may sell a dwelling unit which is suitable by reason of its

detached or semi-detached construction to the tenant in occupancy

thereof, provided that such tenant is a family of low income whose

annual income is within the income limits for admission to

limited-profit housing in the municipality under article two of the

private housing finance law.

2. Any sale by an authority pursuant to paragraph one of this section

may be made pursuant to such negotiated contract, agreement or lease,

containing such provisions, limitations, requirements, terms and

conditions as the authority in its discretion may determine to be

necessary or desirable, including a covenant by the purchaser that

before offering such dwelling unit for sale within a period of time to

be specified in such covenant the purchaser shall first offer the

dwelling unit to the authority at a price not greater than the purchase

price paid therefor by the purchaser; provided that the purchase price

to be paid to the authority shall not be less than the amount required

by the authority to pay or make provision for the payment of all

outstanding obligations of the authority with respect to such dwelling

unit, as determined by the authority.