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



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



The rules may also provide that during the
first twenty years after its purchase, any commercial, industrial, or other
property so developed and sold may be resold or assigned only to the
corporation at the original purchase price plus the cost of any improvements
made by the purchaser together with simple interest on all of the purchaser's
equity in the property at the rate of seven per cent a year.  Rules may also
provide that ownership of the commercial, industrial, or other property cannot
be separated from ownership of the residential property in connection with
which it was sold or leased. [L 2006, c 180, pt of §3]