N.Y. Private Housing Finance Law 576-A – Acquisition and disposition of real property by municipality
§ 576-a. Acquisition and disposition of real property by municipality. 1. Real property may be acquired by a municipality for a housing development fund company by gift, grant, devise, purchase, condemnation pursuant to the provisions of article nine of this chapter, or otherwise.
Terms Used In N.Y. Private Housing Finance Law 576-A
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. Notwithstanding any other provision of general, special or local law, charter or ordinance, a municipality may sell, lease or otherwise dispose of real property to a housing development fund company without public auction or sealed bids, provided that notice of such sale, lease or other disposition is published and a hearing is held before the local legislative body not less than ten days after such publication.
3. In any case where a municipality shall acquire real property for or convey real property to a housing development fund company under the provisions of this section, the deed or lease of the property to the housing development fund company shall contain appropriate provisions restricting the disposition of the property by the housing development fund company, through provisions for a reversion of the property conditioned on its continued use for purposes of housing, provisions requiring the approval of the municipality to any sale, transfer, exchange, assignment or lease, or otherwise.