§ 7 — Sale or lease of residential projects

New York § 7

• Jurisdiction: New York
• Law UDA: Urban Development Corporation Act 174/68

Text

§ 7. Sale or lease of residential projects. (1) The corporation may\nsell or lease for a term not exceeding ninety-nine years a residential\nproject only to a housing company or to a municipality or housing\nauthority. It may enter into a contract for such sale or lease either\nprior to, at the date of, or subsequent to the completion of the project\nby the corporation. Where such contract for sale or lease is entered\ninto after the commencement of construction and prior to the physical\ncompletion of the improvement to be conveyed or leased, the corporation\nmay complete the construction and development of such improvement prior\nto the actual conveyance or lease.\n (2) Any such sale or lease pursuant to subdivision one of this section\nmay be made without public bidding, public sale or public notice,\npursuant to such negotiated contract, agreement or lease and containing\nsuch provisions, limitations, requirements, terms and conditions, as the\ncorporation, within its discretion, may determine to be necessary or\ndesirable.\n