§ 576-A — Acquisition and disposition of real property by municipality

§ 576-a. Acquisition and disposition of real property by municipality.\n1. Real property may be acquired by a municipality for a housing\ndevelopment fund company by gift, grant, devise, purchase, condemnation\npursuant to the provisions of article nine of this chapter, or\notherwise.\n 2. Notwithstanding any other provision of general, special or local\nlaw, charter or ordinance, a municipality may sell, lease or otherwise\ndispose of real property to a housing development fund company without\npublic auction or sealed bids, provided that notice of such sale, lease\nor other disposition is published and a hearing is held before the local\nlegislative body not less than ten days after such publication.\n 3. In any case where a municipality shall acquire real property for or\nconvey real property to a housing development fund company under the\nprovisions of this section, the deed or lease of the property to the\nhousing development fund company shall contain appropriate provisions\nrestricting the disposition of the property by the housing development\nfund company, through provisions for a reversion of the property\nconditioned on its continued use for purposes of housing, provisions\nrequiring the approval of the municipality to any sale, transfer,\nexchange, assignment or lease, or otherwise.\n