§ 58-a. Sale of dwelling units by authorities. 1. Subject to the approval of the commissioner in the case of a state project, the federal government in the case of a federal project or in the case of dwelling units leased by an authority pursuant to the provisions of section twenty-three of the United States housing act of nineteen hundred thirty-seven, as amended, and thereafter purchased by the authority, and the local legislative body in the case of a municipal project, an authority may sell a dwelling unit which is suitable by reason of its detached or semi-detached construction to the tenant in occupancy thereof, provided that such tenant is a family of low income whose annual income is within the income limits for admission to limited-profit housing in the municipality under Article 2 of the private housing finance law.

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2. Any sale by an authority pursuant to paragraph one of this section may be made pursuant to such negotiated contract, agreement or lease, containing such provisions, limitations, requirements, terms and conditions as the authority in its discretion may determine to be necessary or desirable, including a covenant by the purchaser that before offering such dwelling unit for sale within a period of time to be specified in such covenant the purchaser shall first offer the dwelling unit to the authority at a price not greater than the purchase price paid therefor by the purchaser; provided that the purchase price to be paid to the authority shall not be less than the amount required by the authority to pay or make provision for the payment of all outstanding obligations of the authority with respect to such dwelling unit, as determined by the authority.