N.Y. PBG Law § 58-A

§ 58-a. Sale of dwelling units by authorities. 1. Subject to the\napproval of the commissioner in the case of a state project, the federal\ngovernment in the case of a federal project or in the case of dwelling\nunits leased by an authority pursuant to the provisions of section\ntwenty-three of the United States housing act of nineteen hundred\nthirty-seven, as amended, and thereafter purchased by the authority, and\nthe local legislative body in the case of a municipal project, an\nauthority may sell a dwelling unit which is suitable by reason of its\ndetached or semi-detached construction to the tenant in occupancy\nthereof, provided that such tenant is a family of low income whose\nannual income is within the income limits for admission to\nlimited-profit housing in the municipality under article two of the\nprivate housing finance law.\n 2. Any sale by an authority pursuant to paragraph one of this section\nmay be made pursuant to such negotiated contract, agreement or lease,\ncontaining such provisions, limitations, requirements, terms and\nconditions as the authority in its discretion may determine to be\nnecessary or desirable, including a covenant by the purchaser that\nbefore offering such dwelling unit for sale within a period of time to\nbe specified in such covenant the purchaser shall first offer the\ndwelling unit to the authority at a price not greater than the purchase\nprice paid therefor by the purchaser; provided that the purchase price\nto be paid to the authority shall not be less than the amount required\nby the authority to pay or make provision for the payment of all\noutstanding obligations of the authority with respect to such dwelling\nunit, as determined by the authority.\n