New York Laws
Article 18-C - Municipal Redevelopment Law
970-L - Property Disposition, Rehabilitation and Development.

(b) The municipality may obligate lessees or purchasers of property
acquired in a redevelopment project to use the property for the purpose
designated in the redevelopment plan, begin the redevelopment of the
project area within a period of time which the agency fixes as
reasonable and comply with other conditions which the agency deems
necessary to carry out the purposes of this article. The municipality
may provide in the contract that any of the obligations of the
purchasers are covenants or conditions running with the land, the breach
of which shall cause the ownership to revert to the agency.
(c) The municipality may sell, lease, grant, or donate real property
owned or acquired by it in a project area for the purpose of providing
housing for low or moderate income individuals or families.
(d) Property acquired by the municipality for rehabilitation and
resale shall be offered for resale within one year after completion of
rehabilitation, or in the event that such property has not been offered
for resale within one year an annual report shall be published by the
agency in a newspaper of general circulation published in the
municipality listing any rehabilitated property held by the agency in
excess of such one-year period, stating the reasons such property
remains unsold and indicating plans for its disposition.
(e) The term of lease by the agency of real property shall not exceed
ninety-nine years.