§ 558 — Subsidies

§ 558. Subsidies. 1. The obligation of the state to pay periodic\nsubsidies to an authority or municipality for a project which has been\nleased or sold to a housing company, and the obligation of a\nmunicipality to make subsidies in at least an equal amount, as required\nby section seventy-three of the public housing law, shall cease as of\nthe last day of the fiscal year next after the effective date of the\ngrant, sale, lease or conveyance.\n 2. In the event that an authority or municipality which has granted,\nsold, leased or conveyed a project to a housing company, for any reason\nor in any way resumes possession of such project, the obligations of the\nstate and municipality to pay subsidies, as provided by the terms of\nsection seventy-three of the public housing law, shall be deemed\nrestored as of the first day of the fiscal year next prior to the date\nof such resumption of possession of such project.\n