N.Y. Private Housing Finance Law 258 – Transfer of real property
§ 258. Transfer of real property. 1. Notwithstanding any requirement of law to the contrary or any provision of any general, special or local law, charter or ordinance, every executor, administrator, trustee, guardian or other person holding trust funds or acting in a fiduciary capacity, unless the instrument under which such fiduciary is acting expressly forbids, and the state, its subdivisions, municipalities, all other public bodies, all public officers, persons, partnerships and corporations owning or holding any real property, may grant, sell, lease or otherwise transfer any such real property or interest therein to a community development corporation and receive and hold any cash, bonds, notes, mortgages or other securities or obligations, secured or unsecured, exchanged therefor by such corporation and may execute such instruments and do such acts as may be deemed necessary or desirable by them or it and by the corporation in connection with a project or projects, and such sale, lease or transfer may be made without public auction or bidding; provided, however, that where such real property is within a municipal urban renewal area the disposition thereof shall be in accordance with the provisions of paragraph (d) of subdivision two of § 507 of the general municipal law.
Terms Used In N.Y. Private Housing Finance Law 258
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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
- Municipality: shall mean the city, town or village in which a community development corporation conducts or proposes to conduct its activities. See N.Y. Private Housing Finance Law 252
- Project: shall mean a non-profit capital development project invested with a public interest, including facilities incidental or appurtenant thereto and all lands, buildings and improvements acquired, owned, constructed, maintained or operated pursuant to this article, or any combination thereof. See N.Y. Private Housing Finance Law 252
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
2. The municipality may take property by condemnation for a community development corporation pursuant to the provisions of article nine of this chapter and transfer the same to such corporation as provided in subdivision one of this section.