§ 58-a. Sale of dwelling units by authorities. 1. Subject to the
approval of the commissioner in the case of a state project, the federal
government in the case of a federal project or in the case of dwelling
units leased by an authority pursuant to the provisions of section
twenty-three of the United States housing act of nineteen hundred
thirty-seven, as amended, and thereafter purchased by the authority, and
the local legislative body in the case of a municipal project, an
authority may sell a dwelling unit which is suitable by reason of its
detached or semi-detached construction to the tenant in occupancy
thereof, provided that such tenant is a family of low income whose
annual income is within the income limits for admission to
limited-profit housing in the municipality under article two of the
private housing finance law.

2. Any sale by an authority pursuant to paragraph one of this section
may be made pursuant to such negotiated contract, agreement or lease,
containing such provisions, limitations, requirements, terms and
conditions as the authority in its discretion may determine to be
necessary or desirable, including a covenant by the purchaser that
before offering such dwelling unit for sale within a period of time to
be specified in such covenant the purchaser shall first offer the
dwelling unit to the authority at a price not greater than the purchase
price paid therefor by the purchaser; provided that the purchase price
to be paid to the authority shall not be less than the amount required
by the authority to pay or make provision for the payment of all
outstanding obligations of the authority with respect to such dwelling
unit, as determined by the authority.