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This entry was published on 2014-09-22
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Transfer of real property
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 6-A
§ 258. Transfer of real property. 1. 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.

2. 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.