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



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



(2)  The instrument of
lease shall include provisions, enforceable by the [corporation], that the land
shall:



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



(B)  Revert back to
the [corporation] if:



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



(ii) The qualified
nonprofit organization ceases operations.



(b)  For the
purposes of this section:



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



"Qualified
nonprofit organization" means any private entity that is organized and
operated:



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



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