[§201H-48]  Exception of current owners in
corporation projects.  The corporation may allow a person who is a current
owner of a dwelling unit in a multifamily housing project sponsored by the
corporation to apply for the purchase of a larger dwelling unit in a project
sponsored by the corporation if the applicant's current family size exceeds the
permissible family size for the applicant's current dwelling unit, as
determined by prevailing county building or housing codes.  The applicant shall
be required to sell the applicant's current dwelling unit back to the
corporation.  Notwithstanding any law to the contrary, any applicant, as it
pertains to for-sale housing, shall be a "qualified resident" who:



(1)  Is a citizen of the United States or a resident alien;



(2)  Is at least eighteen years of age;



(3)  Is domiciled in the State and shall physically
reside in the dwelling unit purchased under this section;



(4)  In the case of purchase of real property in fee
simple or leasehold, has a gross income sufficient to qualify for the loan to
finance the purchase; and



(5)  Except for the applicant's current residence,
meets the following qualifications:



(A)  Is a person who either oneself or together
with the person's spouse or a household member, does not own a majority
interest in fee simple or leasehold lands suitable for dwelling purposes, or a
majority interest in lands under any trust agreement or other fiduciary
arrangement in which another person holds the legal title to the land; and



(B)  Is a person whose spouse or a household
member does not own a majority interest in fee simple or leasehold lands
suitable for dwelling purposes, or a majority interest in lands under any trust
agreement or other fiduciary arrangement in which another person holds the legal
title to the land, except when husband and wife are living apart under a decree
of separation from bed and board issued by the family court pursuant to section
580‑71. [L 2006, c 180, pt of §3]