N.Y. Urban Development Corporation Act 174/68 § 7: Sale or lease of residential projects

§ 7. Sale or lease of residential projects. (1) The corporation may

sell or lease for a term not exceeding ninety-nine years a residential

project only to a housing company or to a municipality or housing

authority. It may enter into a contract for such sale or lease either

prior to, at the date of, or subsequent to the completion of the project

by the corporation. Where such contract for sale or lease is entered

into after the commencement of construction and prior to the physical

completion of the improvement to be conveyed or leased, the corporation

may complete the construction and development of such improvement prior

to the actual conveyance or lease.

(2) Any such sale or lease pursuant to subdivision one of this section

may be made without public bidding, public sale or public notice,

pursuant to such negotiated contract, agreement or lease and containing

such provisions, limitations, requirements, terms and conditions, as the

corporation, within its discretion, may determine to be necessary or

desirable.