New York Private Housing Finance Law
Sec. § 258
Transfer of Real Property


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 section five hundred seven of the general municipal law.


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.
Last accessed
Dec. 13, 2016