Section 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.