[§201H-44]  Commercial, industrial, andother uses.  (a)  In connection with the development of any dwelling unitsunder this chapter, the corporation may also develop commercial, industrial,and other properties if it determines that the uses can be an integral part ofthe development and can help to preserve the lifestyles of the purchasers ofdwelling units in the development.  The corporation may designate any portionsof the development for commercial, industrial, or other use and shall have allthe powers granted under this chapter with respect thereto, including the powerto bypass statutes, ordinances, charter provisions, and rules of any governmentagency pursuant to section 201H-38.  For this purpose, the corporation may useany of the funds authorized under this chapter.

(b)  The corporation shall adopt rules thatshall provide the manner in which the uses of properties shall be designated,and shall provide that any commercial, industrial, or other properties sodeveloped shall be sold or leased at cost or at economic rents or salesprices.  Sale or lease shall be made at cost to owners of commercial,industrial, or other facilities displaced by the corporation.  All other leasesor sales shall be at economic rents or sales prices determined by thecorporation, after appraisal, to be consistent with rents or sales prices insimilar locations or with similar terms.  The net proceeds of all such sales orleases, less costs to the corporation, shall be deposited in the dwelling unitrevolving fund.

The rules may also provide that during thefirst twenty years after its purchase, any commercial, industrial, or otherproperty so developed and sold may be resold or assigned only to thecorporation at the original purchase price plus the cost of any improvementsmade by the purchaser together with simple interest on all of the purchaser'sequity in the property at the rate of seven per cent a year.  Rules may alsoprovide that ownership of the commercial, industrial, or other property cannotbe separated from ownership of the residential property in connection withwhich it was sold or leased. [L 2006, c 180, pt of §3]