§ 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.