3.62.070 LOW OR MODERATE INCOME HOUSING.

Notwithstanding any other provisions of law, the Council may authorize a disposition of property without requiring bids and without the need to adopt a resolution of intention when it finds that the disposition is in the best interests of the City and states the reasons therefor and when the sale is for the development of low or moderate income housing. Disposition may be on such terms and conditions as the Council deems appropriate and may include a requirement that the property be used for low or moderate income housing, in whole or in part, for a specific period of time. Disposition to the San Mateo Redevelopment Agency may be accomplished pursuant to this section.