§ 58-b. Sale or lease of project in connection with federal program of
assistance for low income housing. In order to obtain for a project or
portion thereof the benefits of any federal program of assistance for
housing of persons and families of low income, an authority, other than
an authority in a city with a population of more than one million, may,
subject to the approval of the commissioner and the local legislative
body, contract to sell or lease, and sell or lease, the project or
portion thereof upon such terms and conditions as it deems appropriate.
The commissioner shall not approve the transaction unless he makes a
finding that: (a) the federal assistance available upon the sale or
lease will enable the project to provide decent, safe and sanitary
housing within the financial reach of persons and families of low
income; and (b) sufficient provision has been made to pay or otherwise
assure the payment or retirement of all bonds, notes and other
obligations issued to finance the project or portion thereof. In
connection with such transaction, the authority, the municipality, the
commissioner, the attorney general, and the comptroller, may take all
necessary and appropriate actions, including the modification or
termination of any applicable loan and subsidy agreement. The power
granted by this section shall be in addition to any other power granted
to an authority by any other provision of this chapter or any other law.