N.Y. Private Housing Finance Law 215 – Methods of acquisition of real property
§ 215. Methods of acquisition of real property. 1. A redevelopment corporation may:
Terms Used In N.Y. Private Housing Finance Law 215
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) Whether before or after the certificates of approval of its development plan required by section two hundred three of this article have been issued, acquire real property or secure options in its own name or in the name of nominees to acquire real property, by gift, grant, lease, purchase or otherwise, or awards in condemnation made or to be made therefor;
(b) After a certificate of approval of condemnation with respect to the real property in question has been issued pursuant to section two hundred sixteen of this article, acquire all or any portion of the real property included in such certificate of approval of condemnation not already under contracts of sale or option to it, by condemnation in the manner provided by the condemnation law, with such departures therefrom as are provided in this article.
2. A city may, upon request by a redevelopment corporation, and after a certificate of approval of condemnation with respect to the real property in question has been issued pursuant to section two hundred sixteen of this article, acquire, or obligate itself to acquire, for such redevelopment corporation any real property included in such certificate of approval of condemnation, by gift, grant, lease, purchase, condemnation, or otherwise, according to the provisions of any appropriate general, special or local law applicable to the acquisition of real property by the city. Real property acquired by a city for a redevelopment corporation shall be conveyed by such city to the redevelopment corporation upon payment to the city of all sums expended or required to be expended by the city in the acquisition of such real property.
3. The provisions of this article with respect to the condemnation of real property by or for a redevelopment corporation or by a city for a redevelopment corporation shall prevail over the provisions of any other general, special or local law.