§ 29 — Acquisition of property

New York § 29

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 2: Limited-profit Housing Companies

Text

§ 29. Acquisition of property.\n (a) After a project, other than a state urban development corporation\nproject, has been been approved by the commissioner or the supervising\nagency and the local legislative body, the commissioner or the\nsupervising agency as the case may be, shall issue a certificate\ndeclaring that the acquisition of the property is necessary for the\npublic purpose defined in this article and the company may acquire the\nproperty needed for the project or the municipality may, with respect to\na municipally-aided project or a project aided either by a state loan or\na loan from the New York state housing finance agency, take property by\ncondemnation for the company, pursuant to the provisions of article nine\nof this chapter.\n (b) after a state urban development corporation project has been\napproved by the commissioner, the commissioner shall authorize the\ncompany undertaking the project to acquire the property needed for such\nproject.\n (c) Notwithstanding the provisions of subdivision (a) of this section,\nin the case of a Battery Park city project financed or to be financed by\na loan from Battery Park city authority, the approval of the project and\nthe certificate declaring that the acquisition of the property is\nnecessary for the public purposes defined in this article shall be\nissued by Battery Park city authority.\n