§ 502. Condemnation of excess property. A municipality may take\nprivate property for a limited-profit housing company by condemnation\nfor the purpose of providing low rent housing for families of low\nincome, or for the clearance, replanning, reconstruction and\nrehabilitation of areas, or for both of such purposes, and for\nrecreational and other facilities incidental or appurtenant thereto, but\nin excess of that required for public use after such purposes shall have\nbeen accomplished. A municipality or a limited-profit housing company\nmay improve and utilize such excess property wholly or partly for any\nother public purpose, or may lease or sell such excess property with\nrestrictions to preserve and protect the project or projects.\nProceedings to acquire such excess property may be brought by the\nmunicipality for a limited-profit housing company in the same manner as\nfor the real property required for the project and may be included in\nthe proceedings for the acquisition of real property required for the\nproject.\n
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