§ 258 — Transfer of real property

New York § 258

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 6-A: Community Development Corporations

Text

§ 258. Transfer of real property. 1. Notwithstanding any requirement\nof law to the contrary or any provision of any general, special or local\nlaw, charter or ordinance, every executor, administrator, trustee,\nguardian or other person holding trust funds or acting in a fiduciary\ncapacity, unless the instrument under which such fiduciary is acting\nexpressly forbids, and the state, its subdivisions, municipalities, all\nother public bodies, all public officers, persons, partnerships and\ncorporations owning or holding any real property, may grant, sell, lease\nor otherwise transfer any such real property or interest therein to a\ncommunity development corporation and receive and hold any cash, bonds,\nnotes, mortgages or other securities or obligations, secured or\nunsecured, exchanged therefor by such corporation and may execute such\ninstruments and do such acts as may be deemed necessary or desirable by\nthem or it and by the corporation in connection with a project or\nprojects, and such sale, lease or transfer may be made without public\nauction or bidding; provided, however, that where such real property is\nwithin a municipal urban renewal area the disposition thereof shall be\nin accordance with the provisions of paragraph (d) of subdivision two of\nsection five hundred seven of the general municipal law.\n 2. The municipality may take property by condemnation for a community\ndevelopment corporation pursuant to the provisions of article nine of\nthis chapter and transfer the same to such corporation as provided in\nsubdivision one of this section.\n