N.Y. Public Housing Law Section 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.

Source: Section 58-B — Sale or lease of project in connection with federal program of assistance for low income housing, https://www.­nysenate.­gov/legislation/laws/PBG/58-B (updated Sep. 22, 2014; accessed Oct. 26, 2024).

30
Organization of authorities 31
Scope of authority’s jurisdiction 32
Officers and employees 33
Transfer of officers and employees 34
Vacancies and removals 35
Non-liability of authority members 36
Disqualification of members and employees of authorities 37
Powers of authority 38
An authority shall file with the commissioner a copy of each proposed project embodying the plans, layout, estimated costs and proposed m... 39
Projects financed solely by authorities 40
Aid from and cooperation with federal government 41
Power to issue authority bonds 42
Provisions of authority bonds 44
Signature on authority bonds 45
Repurchase of authority bonds 46
Suit on authority bonds 47
Bond covenants of an authority 48
Guaranteed indebtedness of an authority 49
Authority obligations as legal investments and legal security for deposits by public officers 50
Foreclosure and other remedies against an authority 51
Liability of state or municipality 52
Tax exemptions of an authority 53
Depositories of authority funds 54
Filing by authority of by-laws, rules and regulations 55
Projects undertaken by municipalities 55‑A
Facilities incidental or appurtenant to a project 56
Authorities created prior to the enactment of this chapter 57
Dissolution of authorities 58
Sale or lease of municipal projects by authorities 58‑A
Sale of dwelling units by authorities 58‑B
Sale or lease of project in connection with federal program of assistance for low income housing 59
Disposal of records 60
Reproduction of records 61
Tenant meetings in common areas
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 58-B’s source at nysenate​.gov

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