§ 15. Special provisions relating to residential projects.
(1)\nNotwithstanding any provision of law to the contrary, whenever a\nresidential project is owned by or leased to a subsidiary which is a\nlimited profit housing company, or is sold or leased to a limited profit\nhousing company, such project shall be deemed to be a state-aided\nproject, as defined in section two of the private housing finance law,\nunless such project is aided by a municipal mortgage loan, in which\nevent such project shall be deemed to be a municipally-aided project.\n (2) Notwithstanding any provision of law to the contrary, but subject\nto any agreement with noteholders or bondholders, any city, town or\nvillage and any housing authority is hereby authorized to purchase or\nlease for a term not exceeding n
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§ 15. Special provisions relating to residential projects. (1)\nNotwithstanding any provision of law to the contrary, whenever a\nresidential project is owned by or leased to a subsidiary which is a\nlimited profit housing company, or is sold or leased to a limited profit\nhousing company, such project shall be deemed to be a state-aided\nproject, as defined in section two of the private housing finance law,\nunless such project is aided by a municipal mortgage loan, in which\nevent such project shall be deemed to be a municipally-aided project.\n (2) Notwithstanding any provision of law to the contrary, but subject\nto any agreement with noteholders or bondholders, any city, town or\nvillage and any housing authority is hereby authorized to purchase or\nlease for a term not exceeding ninety-nine years a residential project.\n (3) Notwithstanding any other provision of this act, projects of a\nsubsidiary organized pursuant to articles two, four or eleven of the\nprivate housing finance law shall be exempt from real property taxes to\nthe extent and in the manner provided by applicable law.\n (4) In order to increase the availability of housing accommodations\nfor persons and families of low income, the corporation shall undertake\nto utilize the state capital grant low rent assistance program, pursuant\nto section forty-four-a of the private housing finance law, in\nresidential projects of the corporation.\n (5) Notwithstanding any inconsistent provision of this act or of any\ngeneral or special law, no plan for a proposed residential project in a\ntown or incorporated village which has not been affirmed by the\ncorporation prior to May first, nineteen hundred seventy-three, shall be\naffirmed if, within thirty days after the public hearing held pursuant\nto subdivision two of section sixteen of this act or within thirty days\nafter June first, nineteen hundred seventy-three, whichever date is\nlater, the local governing body of such town or village submits in\nwriting to the corporation formal objections to the proposed residential\nproject, unless and until such objections are withdrawn and subject to\nthe following conditions and limitations:\n (a) The foregoing shall not apply to residential projects initiated\nafter June first, nineteen hundred seventy-three, if such local\ngoverning body has, prior to submission, either approved such plan or\nexecuted any agreement with the corporation relating to such plan upon\nwhich the corporation has relied in authorizing expenditures of funds or\ncontracts, unless such town or village reimburses the corporation for\nall of its expenditures and indemnifies the corporation for liabilities\nensuing from cancellation of any contract, net of the proceeds of any\nresale of property acquired by the corporation for such project.\n (b) The corporation may affirm, in any event, plans for residential\nprojects in the new community known as Audubon, in the town of Amherst,\ncounty of Erie or in the new community known as Lysander New Community,\nin the town of Lysander, county of Onondaga, and the provisions of this\nfirst paragraph of this subdivision shall not be applicable to any of\nsuch projects.\n