[§201H-57]  Landleases to nonprofit organizations providing affordable housing.  (a) Notwithstanding any provision to the contrary, the [corporation], pursuant tosection 201H-4(b), may lease land to any qualified nonprofit organizationproviding affordable housing, under the following terms and conditions:

(1)  Leases shall be forninety-nine years at $1 per year per parcel; and

(2)  The instrument oflease shall include provisions, enforceable by the [corporation], that the landshall:

(A)  Be used only forproviding affordable housing through long-term, renewable, and transferableleases or other means that are in accordance with rules adopted by the[corporation] under chapter 91; and

(B)  Revert back tothe [corporation] if:

(i)  The land isused for any purpose other than as provided under subparagraph (A); or

(ii) The qualifiednonprofit organization ceases operations.

(b)  For thepurposes of this section:

"Affordablehousing" means housing that is affordable to households with incomes at orbelow one hundred forty per cent of the median family income as determined bythe United States Department of Housing and Urban Development.

"Qualifiednonprofit organization" means any private entity that is organized andoperated:

(1)  In accordance withsection 501(c)(3) of the Internal Revenue Code of 1986, as amended; and

(2)  For the purpose ofproviding affordable housing through long-term, renewable, and transferableleases. [L 2006, c 101, §1]