§171-48  Residence lots, requirements. In the disposition of lots for residence purposes:

(1)  No person shall purchase or lease, directly orindirectly through an agent, nominee, third person, or otherwise, any interestin more than one lot.

(2)  No person and no unmarried minor child, whosespouse or parent purchases or leases a lot, shall be qualified to purchase orlease any lot.

(3)  The board shall require the lessee or purchaserto construct, within three years after disposition, a dwelling of such size andvalue as shall be prescribed by the board and to use the lot and dwelling asthe lessee's or purchaser's principal domicile; provided that the board may,for good and sufficient cause and to alleviate hardship, extend the buildingdeadline for a period not exceeding two years, at six-month intervals based ona demonstration of the lessee's or purchaser's progress towards satisfyingimprovement requirements.

(4)  The board shall establish such additionalrestrictions, requirements or conditions in accordance with the powers grantedto it in section 171-6(6).

(5)  No person shall be qualified to purchase or leaseany lot by drawing if the person's gross income including the gross income ofthe person's spouse exceeds $20,000 per year.  In determining gross income, thestandard income tax exemption for each of the person's dependents, asdetermined by the income tax laws of the State, shall be allowed.

(6)  No person shall be qualified to purchase or leaseany lot who, or whose spouse, or both of them, owns or is a lessee, under aresidential lease for a term exceeding twenty years (including any periods forwhich the lease may be extended or renewed at the option of the lessee), of anyland situated within or without the State suitable for residential use. [L1962, c 32, pt of §2; Supp, §103A-45; HRS §171-48; am L 1970, c 184, §2; am L1972, c 37, §1; am L 1973, c 18, §1; am L 1977, c 49, §1; gen ch 1985]