§ 58-B — Sale or lease of project in connection with federal program of assistance for low income housing

§ 58-b. Sale or lease of project in connection with federal program of\nassistance for low income housing. In order to obtain for a project or\nportion thereof the benefits of any federal program of assistance for\nhousing of persons and families of low income, an authority, other than\nan authority in a city with a population of more than one million, may,\nsubject to the approval of the commissioner and the local legislative\nbody, contract to sell or lease, and sell or lease, the project or\nportion thereof upon such terms and conditions as it deems appropriate.\nThe commissioner shall not approve the transaction unless he makes a\nfinding that: (a) the federal assistance available upon the sale or\nlease will enable the project to provide decent, safe and sanitary\nhousing within the financial reach of persons and families of low\nincome; and (b) sufficient provision has been made to pay or otherwise\nassure the payment or retirement of all bonds, notes and other\nobligations issued to finance the project or portion thereof. In\nconnection with such transaction, the authority, the municipality, the\ncommissioner, the attorney general, and the comptroller, may take all\nnecessary and appropriate actions, including the modification or\ntermination of any applicable loan and subsidy agreement. The power\ngranted by this section shall be in addition to any other power granted\nto an authority by any other provision of this chapter or any other law.\n