Section 206E-284 - Sale of the leasehold interest of residential condominium units; rules; guidelines(a) The authority shall adopt rules pursuant to chapter 91 for the sale of the leasehold interest of residential condominium units under its control within urban redevelopment sites; provided that each lease shall be for a term of ninety-nine years. The rules shall include the following requirements for an eligible buyer or owner of a residential condominium unit within an urban redevelopment site:(1) The person shall be a qualified resident of the State, as defined in section 201H-32;(2) The person shall not use a residential condominium unit within an urban redevelopment site for any purpose other than owner-occupied residential use; and(3) The person, the person's spouse, or any other person intending to live with the eligible buyer or owner, shall not own any other real property, including any residential and non-residential property, beneficial ownership of trusts, and co-ownership or fractional ownership, while owning a residential condominium unit within an urban redevelopment site; provided that an eligible buyer may own real property up to six months after closing on the purchase of a residential condominium unit within an urban redevelopment site; provided further that an owner of a residential condominium unit within an urban redevelopment site in the process of selling the residential condominium unit may own other real property up to six months prior to closing on the sale of the residential condominium unit to an eligible buyer; provided that the rules adopted pursuant to this subsection may require at least fifty per cent of the residential condominium units be sold to an individual or household with an income of up to one hundred forty per cent of the area median income. The rules shall include strict enforcement of owner-occupancy, including a prohibition on renting or subleasing a residential condominium unit within an urban redevelopment site to any tenant or sublessee. The authority may also establish rules for a minimum number of days residents shall be physically present on the premises and a maximum number of days non-residents may have access to the premises.
(b) The median price of residential condominium units within an urban redevelopment site shall be priced at the minimum levels necessary to ensure that the development is revenue-neutral for the State. (c) Residential condominium units within an urban redevelopment site shall be sold only to other eligible buyers.(d) An owner of a residential condominium unit within an urban redevelopment site may sell the owner's residential condominium unit; provided that the authority shall have the right of first refusal to purchase the residential condominium unit for certain period of time and for a buyback price to be determined by the authority. If the authority does not exercise its right to purchase the residential condominium unit, the residential condominium unit may be sold by the owner to an eligible buyer. Upon the death of the owner of a residential condominium unit within an urban redevelopment site, the residential condominium unit may be transferred to the deceased's heir by devise or as any other real property under existing law; provided that the deceased's heir shall meet the requirements listed in subsection (a); provided further that if the deceased's heir does not meet requirements to accept transfer of the residential condominium unit, the deceased's heir shall sell the residential condominium unit to an eligible buyer.(e) The authority may adopt rules pursuant to chapter 91 that authorize the executive director to waive the requirements set forth in subsection (a), where the inability of an owner to reside in the residential condominium unit is due to unforeseen circumstances, military transfer, serious illness, or other hardship circumstances as determined by the executive director.Added by L 2023, c 97,§ 3, eff. 7/1/2023.