New York Statutes

§ 501 — Proceedings to acquire

New York·Law PVH Private Housing Finance·Art. 9 Acquisition of Property

§ 501. Proceedings to acquire.

1.A housing company or a\nlimited-profit housing company electing to acquire through a\nmunicipality, may petition the municipality to institute proceedings\nunder any applicable general, special or local law, to acquire property\ndescribed in the petition for a project. The resolution granting the\npetition shall set forth the amount to be paid by the housing company or\nlimited-profit housing company to the municipality for such property or\nin lieu thereof that the housing company or limited-profit housing\ncompany shall pay to the municipality all sums expended or required to\nbe expended by the municipality in the acquisition thereof, and the time\nof payment and manner of securing payment thereof, and may require that\nthe municipality shall receive,

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