[§201H-23]  For-sale developments.  Anylaw to the contrary notwithstanding, new multifamily for-sale housingcondominium developments of seventy-five units or more per acre on privatelyowned lands and privately financed without federal, state, or county financingassistance or subsidies, including tax credits, shall:

(1)  Be exempt from the corporation's sharedappreciation equity program;

(2)  Be subject to three-year occupancy requirementsand transfer restrictions; provided that the three-year occupancy requirementshall begin upon the sale of each unit; and

(3)  Not be subject to the ten-year occupancyrequirements and transfer restrictions in sections 201H-47 and 201H-49,respectively;

provided that, in order for paragraphs (1), (2), and(3) to apply, the primary purpose of constructing the new multifamily for-salehousing condominium development of seventy-five units or more per acre shall beto augment the existing affordable housing unit inventory in the State and notfor the purpose of satisfying any affordable housing or reserved housingrequirement under this chapter, section 206E-4(18), or any other law orordinance.

As used in this section:

"Affordable housing" means the sameas defined under section 201H-57.

"Reserved housing" means the same asdefined under section 206E-101. [L 2008, c 123, §1]