Section 7 - Sale or lease of residential projects(1) The corporation may sell or lease for a term not exceeding ninety-nine years a residential project only to a housing company or to a municipality or housing authority. It may enter into a contract for such sale or lease either prior to, at the date of, or subsequent to the completion of the project by the corporation. Where such contract for sale or lease is entered into after the commencement of construction and prior to the physical completion of the improvement to be conveyed or leased, the corporation may complete the construction and development of such improvement prior to the actual conveyance or lease.(2) Any such sale or lease pursuant to subdivision one of this section may be made without public bidding, public sale or public notice, pursuant to such negotiated contract, agreement or lease and containing such provisions, limitations, requirements, terms and conditions, as the corporation, within its discretion, may determine to be necessary or desirable.N.Y. Urban Development Corporation Act § 7