§206-12  Requirement to develop.  Anyland acquired by the board of land and natural resources, which is notsubdivided and developed either by the board or a private developer, or is notin the process of subdivision and development for residential use, within twoyears from the date of its acquisition, shall be offered for sale by the board,free of any liens or encumbrances created by the board, to the owner or ownersfrom whom the fee simple ownership of the same was acquired by the board, ortheir respective successors in interest, at the price at which the land waspurchased.  Land shall be considered to be in the process of subdivision anddevelopment when the board or the private developer has prepared subdivisionand construction plans, arranged for financing, and applied to governmentagencies, and otherwise taken such steps as may be appropriate for theconstruction of the proposed development and is diligently prosecuting thedevelopment in good faith. [L 1961, c 6, pt of §10; Supp, pt of §98J-10; HRS§206-12]

 

Cross References

 

  State loans for homebuyers, see chapter 207, pt I.