§171-84  Leases to certain developers ofhousing for low and moderate income families.  Sections 171-73 to 171-76,or any other law to the contrary notwithstanding, residential public lands maybe leased on a first priority basis, without a drawing or public auction, bythe board of land and natural resources to a developer or mortgagor whoqualifies under the federal housing programs for low and moderate incomefamilies under the National Housing Act or state housing program for low andmoderate income families as approved by the board of land and naturalresources, or to a nonprofit or limited distribution corporation or associationas defined in section 221(d)(3) of the National Housing Act which conforms tothe standards of section 221(d)(3) but which is not a mortgagor under section221(d)(3), all of which are regulated or supervised under federal or state lawsor by political subdivisions of the State, or agencies thereof, as to rents,charges, sales prices, capital structure, rate of return, and methods ofoperation from the time of issuance of the building permit for the project. The lease under this section shall include terms to meet Federal HousingAdministration requirements, if any, and the annual rental of the premisesshall not exceed $1 a year to the lessee.  The subleasing of individual lotswill be allowed with lessee retaining first right of purchase for resale to aqualified low and moderate income family in conformance with the board of landand natural resources requirements. [L 1967, c 278, §23; HRS §171-84; am L1970, c 109, §1]