§ 502. Condemnation of excess property. A municipality may take private property for a limited-profit housing company by condemnation for the purpose of providing low rent housing for families of low income, or for the clearance, replanning, reconstruction and rehabilitation of areas, or for both of such purposes, and for recreational and other facilities incidental or appurtenant thereto, but in excess of that required for public use after such purposes shall have been accomplished. A municipality or a limited-profit housing company may improve and utilize such excess property wholly or partly for any other public purpose, or may lease or sell such excess property with restrictions to preserve and protect the project or projects. Proceedings to acquire such excess property may be brought by the municipality for a limited-profit housing company in the same manner as for the real property required for the project and may be included in the proceedings for the acquisition of real property required for the project.