[§201H-45]  Sale; mortgage, agreement of
sale, and other instruments.  (a)  The corporation shall sell completed
dwelling units or dwelling units that are substantially completed and
habitable, developed and constructed hereunder, to qualified residents in fee
simple, or shall cause them to be leased or rented to qualified residents at a
price or rental based on costs as determined by the corporation.  The gross
share to the other partners or contract payments and any amounts subsidized by
the State, including but not limited to the land, need not be counted as cost
so as to increase the price.  These costs may be borne by the State, pursuant
to rules adopted by the corporation subject to reimbursement upon sale as
provided in section 201H‑47.



(b)  If a qualified purchaser is unable to
obtain sufficient funds at reasonable rates from private lenders, the
corporation, by way of mortgage, agreement of sale, or other instrument to
secure the indebtedness, may loan to the purchaser up to one hundred per cent of
the purchase price.  The purchaser in that event shall execute with the
corporation an agreement of sale, mortgage, or other instrument under the terms
of which the unpaid principal and the interest thereon shall be paid in monthly
installments over a period of not more than forty years.



(c)  Every mortgage, agreement of sale, other
instrument to secure the indebtedness, or instrument of indebtedness executed
by the corporation may contain other provisions as are usually found in such
instruments and shall provide that the purchaser may repay the whole or any
part of the unpaid balance of the purchase price plus accrued interest at any
time without prepayment penalty.



(d)  If the purchaser defaults on the payment
of any loan, the corporation shall take all necessary action to collect the
delinquent principal and interest on the loan and may take all actions allowed
to holders of obligations, including the power to repossess, lease, rent,
repair, renovate, modernize, and sell the property foreclosed, subject to the
restrictions described in this section.



(e)  The mortgages, agreements of sale, and
other instruments of indebtedness, at the direction of the corporation, may be
assigned to and serviced by commercial banks and other lending institutions
doing business in the State at a fee of not more than one-half of one per cent
of the amount loaned to the purchaser.



(f)  Subsections (a) to (e) need not apply to
market-priced dwelling units in an economically integrated housing project,
except as otherwise determined by the developer of the units; provided that
preference shall be given to qualified residents in the initial sale of
market-priced units. [L 2006, c 180, pt of §3]