§ 552. Sale or lease of projects. 1. An authority or a municipality\nmay grant, sell, lease or convey a project, or part thereof, either\nprior to, at the date of, or subsequent to the physical completion\nthereof, to a housing company, without public bidding, public sale or\npublic offering, and a housing company may accept, purchase, lease or\notherwise acquire such project or part thereof upon such terms and\nconditions as may be agreed upon by such authority or municipality and\nsuch housing company, and provided that such sale or lease and the terms\nand conditions thereof shall be subject (a) in the case of a\nfederally-aided project, to the approval of the federal government;
(b)\nin the case of a state-aided project, to the approval of the\ncommissioner; or (c) in the case of mu
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§ 552. Sale or lease of projects. 1. An authority or a municipality\nmay grant, sell, lease or convey a project, or part thereof, either\nprior to, at the date of, or subsequent to the physical completion\nthereof, to a housing company, without public bidding, public sale or\npublic offering, and a housing company may accept, purchase, lease or\notherwise acquire such project or part thereof upon such terms and\nconditions as may be agreed upon by such authority or municipality and\nsuch housing company, and provided that such sale or lease and the terms\nand conditions thereof shall be subject (a) in the case of a\nfederally-aided project, to the approval of the federal government; (b)\nin the case of a state-aided project, to the approval of the\ncommissioner; or (c) in the case of municipally-aided project, to the\napproval of the supervising agency and the local legislative body. In\nthe event of a grant, sale, lease or conveyance of a project prior to\nthe physical completion thereof, the authority or municipality may agree\nto complete construction and development of such project.\n 2. The purchase price to be paid on or prior to the date of transfer\nof title, or upon the physical completion of the project, shall not be\nless than the amount required by the municipality or authority to pay\nand retire, or to make provision for the payment and retirement of, all\nbonds, notes and other obligations issued by the municipality or\nauthority to finance the project cost.\n 3. An authority or a municipality which has granted, sold, leased or\nconveyed a project or part thereof to a housing company may reenter all\nor part of such project in the manner provided in section five hundred\nfour of this chapter.\n 4. The sale or lease of a project to a housing company may be\nconditioned on the inclusion in the certificate of incorporation of such\nhousing company of a provision that no dividends or interest be paid on\nall or any issues of stock or debentures.\n 5. The parties to any lease or conveyance effecting the transfer of a\npublicly-assisted project to a housing company, executed prior to the\neffective date hereof, may amend such lease or conveyance in accordance\nwith the provisions of this article.\n