§171-84  Leases to certain developers of
housing for low and moderate income families.  Sections 171-73 to 171-76,
or any other law to the contrary notwithstanding, residential public lands may
be leased on a first priority basis, without a drawing or public auction, by
the board of land and natural resources to a developer or mortgagor who
qualifies under the federal housing programs for low and moderate income
families under the National Housing Act or state housing program for low and
moderate income families as approved by the board of land and natural
resources, or to a nonprofit or limited distribution corporation or association
as defined in section 221(d)(3) of the National Housing Act which conforms to
the standards of section 221(d)(3) but which is not a mortgagor under section
221(d)(3), all of which are regulated or supervised under federal or state laws
or by political subdivisions of the State, or agencies thereof, as to rents,
charges, sales prices, capital structure, rate of return, and methods of
operation from the time of issuance of the building permit for the project. 
The lease under this section shall include terms to meet Federal Housing
Administration requirements, if any, and the annual rental of the premises
shall not exceed $1 a year to the lessee.  The subleasing of individual lots
will be allowed with lessee retaining first right of purchase for resale to a
qualified low and moderate income family in conformance with the board of land
and natural resources requirements. [L 1967, c 278, §23; HRS §171-84; am L
1970, c 109, §1]