553 - Conditions precedent to sale or lease. - New York Statutes

§ 553. Conditions precedent to sale or lease. No such grant, sale, lease or conveyance under this article shall be made unless (1) the authority or municipality, after a public hearing on ten days published notice, and with the approval of the government providing the financial assistance, shall find that such transfer is in the best public interest, (2) adequate provision will be made for tenant relocation, and (3) adequate provision will be made for the payment or retirement of all bonds, notes and other obligations issued by the municipality or authority to finance the project cost.