§ 503. Sale or lease of municipal lands to a housing company. 1. The
local legislative body of a municipality, by resolution, may determine
that real property of the municipality, specified and described in such
resolution is not required for use by the municipality and may authorize
the municipality to sell or lease such real property to a housing
company.

2. Notwithstanding the provisions of any general, special or local law
or ordinance, such sale or lease may be made without appraisal, public
notice or public bidding for such price or rental and upon such terms
(and, in case of a lease, for such term not exceeding fifty years with a
right to one renewal term of thirty years) as may be agreed upon between
the municipality and the housing company.

3. Before any sale or lease to a housing company shall be authorized,
a public hearing shall be held by the local legislative body to consider
the proposed sale or lease.

4. Notice of such hearing shall be published at least ten days before
the date set for the hearing in such publication and in such manner as
may be designated by the local legislative body.

5. The deed or lease of such property shall be executed in the same
manner as a deed or lease by the municipality for other real property
and shall contain appropriate conditions and provisions to enable the
municipality to re-enter the property in the event of a violation by the
housing company of any of the provisions of this chapter relating to
such company or of the conditions or provisions of such deed or lease.

6. A housing company purchasing or leasing land from a municipality,
shall not, without the written approval of the municipality, use such
land for any purpose except in connection with a project approved under
this chapter. The deed shall contain a condition that the company will
devote the land granted only for the purposes of a project, subject to
the restrictions of this chapter for breach of which the municipality
shall have the right to re-enter and repossess itself of the land.