Section 58-B. Sale or lease of project in connection with federal program of assistance for low income housing

In order to obtain for a project or
  portion thereof the benefits of any federal program  of  assistance  for
  housing  of persons and families of low income, an authority, other than
  an authority in a city with a population of more than one million,  may,
  subject  to  the  approval of the commissioner and the local legislative
  body, contract to sell or lease, and  sell  or  lease,  the  project  or
  portion  thereof upon such terms and conditions as it deems appropriate.
  The commissioner shall not approve the transaction  unless  he  makes  a
  finding  that:  (a)  the  federal  assistance available upon the sale or
  lease will enable the project  to  provide  decent,  safe  and  sanitary
  housing  within  the  financial  reach  of  persons  and families of low
  income; and (b) sufficient provision has been made to pay  or  otherwise
  assure  the  payment  or  retirement  of  all  bonds,  notes  and  other
  obligations issued  to  finance  the  project  or  portion  thereof.  In
  connection  with  such transaction, the authority, the municipality, the
  commissioner, the attorney general, and the comptroller,  may  take  all
  necessary   and  appropriate  actions,  including  the  modification  or
  termination of any applicable loan  and  subsidy  agreement.  The  power
  granted  by this section shall be in addition to any other power granted
  to an authority by any other provision of this chapter or any other law.