New York Laws
Article 11 - 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.