2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 11 - (570 - 582) HOUSING DEVELOPMENT FUND COMPANIES
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.