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This entry was published on 2014-09-22
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SECTION 7
Sale or lease of residential projects
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 7. Sale or lease of residential projects. (1) The corporation may
sell or lease for a term not exceeding ninety-nine years a residential
project only to a housing company or to a municipality or housing
authority. It may enter into a contract for such sale or lease either
prior to, at the date of, or subsequent to the completion of the project
by the corporation. Where such contract for sale or lease is entered
into after the commencement of construction and prior to the physical
completion of the improvement to be conveyed or leased, the corporation
may complete the construction and development of such improvement prior
to the actual conveyance or lease.

(2) Any such sale or lease pursuant to subdivision one of this section
may be made without public bidding, public sale or public notice,
pursuant to such negotiated contract, agreement or lease and containing
such provisions, limitations, requirements, terms and conditions, as the
corporation, within its discretion, may determine to be necessary or
desirable.