§ 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.