[§201H-23]  For-sale developments.  Any
law to the contrary notwithstanding, new multifamily for-sale housing
condominium developments of seventy-five units or more per acre on privately
owned lands and privately financed without federal, state, or county financing
assistance or subsidies, including tax credits, shall:



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



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



(3)  Not be subject to the ten-year occupancy
requirements 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-sale
housing condominium development of seventy-five units or more per acre shall be
to augment the existing affordable housing unit inventory in the State and not
for the purpose of satisfying any affordable housing or reserved housing
requirement under this chapter, section 206E-4(18), or any other law or
ordinance.



As used in this section:



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



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