N.Y. Private Housing Finance Law § 553

§ 553. Conditions precedent to sale or lease. No such grant, sale,\nlease or conveyance under this article shall be made unless (1) the\nauthority or municipality, after a public hearing on ten days published\nnotice, and with the approval of the government providing the financial\nassistance, shall find that such transfer is in the best public\ninterest, (2) adequate provision will be made for tenant relocation, and\n(3) adequate provision will be made for the payment or retirement of all\nbonds, notes and other obligations issued by the municipality or\nauthority to finance the project cost.\n