§ 6. Sale or lease of land use improvement projects. (1) The
corporation may sell or lease for a term not exceeding ninety-nine years
all or any portion of the real or personal property constituting a land
use improvement project to any person, firm, partnership or corporation,
either public or private, upon such terms and conditions as may be
approved by the corporation, whenever the corporation shall find that
such sale or lease is in conformity with a plan or undertaking for the
clearance, replanning, reconstruction or rehabilitation of sub-standard
and insanitary areas in the municipality in which the project is
located. Such sale or lease may be made:

(a) to any housing company, without public bidding, public sale or
public notice;

(b) to any local development corporation, without public bidding,
public sale or public notice;

(c) to any other person, firm, partnership or corporation, without
public bidding or public sale, provided there is published in at least
one newspaper of general circulation in the municipality in which the
project is located a notice which shall include a statement of the
identity of the proposed purchaser or lessee and of his proposed use or
reuse of the land use improvement project area or applicable portion
thereof, the price or rental to be paid by such purchaser or lessee, all
other essential conditions of such sale or lease, and a statement that a
public hearing upon such sale or lease will be held before the
corporation at a specified time and place on a date not less than ten
days after such publication, and provided further that such public
hearing is held in accordance with such notice.