§ 501. Proceedings to acquire. 1. A housing company or a\nlimited-profit housing company electing to acquire through a\nmunicipality, may petition the municipality to institute proceedings\nunder any applicable general, special or local law, to acquire property\ndescribed in the petition for a project. The resolution granting the\npetition shall set forth the amount to be paid by the housing company or\nlimited-profit housing company to the municipality for such property or\nin lieu thereof that the housing company or limited-profit housing\ncompany shall pay to the municipality all sums expended or required to\nbe expended by the municipality in the acquisition thereof, and the time\nof payment and manner of securing payment thereof, and may require that\nthe municipality shall receive, before proceeding with the acquisition\nof such property, such assurances as to payment or reimbursement by the\nhousing company or limited-profit housing company or otherwise as the\nmunicipality may deem advisable. Upon the passage of a resolution by the\nlocal legislative body of the municipality granting the petition, the\nhousing company or limited-profit housing company shall cause two copies\nof surveys or maps of the property described in the petition to be made,\none of which shall be filed in the office of the housing company or\nlimited-profit housing company, one in the office of the corporation\ncounsel or chief law officer of the municipality. The filing of such\ncopies of surveys or maps shall be conclusive evidence of the acceptance\nby the housing company or limited-profit housing company of the terms\nand conditions of such resolution. The municipality may proceed in\naccordance with the provisions of the eminent domain procedure law. When\ntitle to the property shall have vested in the municipality, it shall\nconvey the same to the housing company or limited-profit housing company\nupon payment by the housing company or limited-profit housing company of\nthe sums and the giving of the security required by the resolution\ngranting the petition. As soon as title shall have vested in the\nmunicipality, the housing company or limited-profit housing company may,\nupon the authorization of the mayor, enter upon the property taken, take\nover and dispose of existing improvements, and carry out the terms of\nthe project with respect thereto. Whenever in connection with\nacquisition proceedings, requirement is made in any applicable general,\nspecial or local law for the performance of an act by a department or\nofficer of the municipality, it shall be regarded for the purposes of\nthis section as compliance therewith if with the approval of the mayor\nsuch act is performed by the housing company or limited-profit housing\ncompany or by persons specially designated by it.\n 2. In any proceedings for the assessment of compensation and damages\nfor property taken or to be taken by condemnation by or for a housing\ncompany or limited-profit housing company, the following provisions\nshall be applicable:\n (a) Evidence of the price and other terms upon any sale or the rent\nreceived or reserved, whichever is less, and other terms upon any\noption, lease or tenancy relating to any of the property taken or to be\ntaken or to any similar property in the vicinity when the option, sale\nor lease was given, occurred or the tenancy existed, within a reasonable\ntime of the trial, shall be admissible on direct examination. At any\nstage of the proceeding, the court or tribunal may require such prior\nnotice to be given of an intention to introduce evidence as to the sale,\noption, leasing or tenancy of property other than the property directly\ninvolved in the proceeding and of particulars relating thereto as it may\ndeem necessary to prevent surprise.\n (b) The deposition of any person, whether or not a party, may be taken\nin the manner provided by article thirty-one of the civil practice law\nand rules, and the provisions of this section.
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