Section 503. Sale or lease of municipal lands to a housing company

1.  The
  local legislative body of a municipality, by resolution,  may  determine
  that  real property of the municipality, specified and described in such
  resolution is not required for use by the municipality and may authorize
  the municipality to sell or  lease  such  real  property  to  a  housing
  company.
    2. Notwithstanding the provisions of any general, special or local law
  or  ordinance,  such sale or lease may be made without appraisal, public
  notice or public bidding for such price or rental and  upon  such  terms
  (and, in case of a lease, for such term not exceeding fifty years with a
  right to one renewal term of thirty years) as may be agreed upon between
  the municipality and the housing company.
    3.  Before any sale or lease to a housing company shall be authorized,
  a public hearing shall be held by the local legislative body to consider
  the proposed sale or lease.
    4. Notice of such hearing shall be published at least ten days  before
  the  date  set for the hearing in such publication and in such manner as
  may be designated by the local legislative body.
    5. The deed or lease of such property shall be executed  in  the  same
  manner  as  a  deed or lease by the municipality for other real property
  and shall contain appropriate conditions and provisions  to  enable  the
  municipality to re-enter the property in the event of a violation by the
  housing  company  of  any  of the provisions of this chapter relating to
  such company or of the conditions or provisions of such deed or lease.
    6. A housing company purchasing or leasing land from  a  municipality,
  shall  not,  without  the written approval of the municipality, use such
  land for any purpose except in connection with a project approved  under
  this  chapter.  The deed shall contain a condition that the company will
  devote the land granted only for the purposes of a project,  subject  to
  the  restrictions  of  this chapter for breach of which the municipality
  shall have the right to re-enter and repossess itself of the land.