§421H-1  Definitions.  As used in thischapter, unless otherwise indicated by the context:

"Corporate equity" means the excessof the current fair market value of the corporation's assets, including itsreal property, over the sum of the current transfer values of all shares ormembership interests, reduced by the principal balance of outstandingencumbrances upon the corporate real property as a whole.

"Limited-equity housing cooperative"means a stock cooperative corporation which is organized as a nonprofitcorporation under chapter 414D for the purpose of holding title to, either infee simple or for a term of years, improved real property, if all orsubstantially all of the shareholders of such corporation receive a right ofexclusive occupancy in a portion of the real property, title to which is heldby the corporation, which right of occupancy is transferable only concurrentlywith the transfer of the share or shares of stock in the corporation held bythe person having such right of occupancy; provided the corporation also:

(1)  Is organized so that the consideration paid foran individual membership share by the first occupant following construction oracquisition by the corporation, including the principal amount of obligationincurred to finance the membership share, does not exceed seven per cent of therespective dwelling unit's development cost, acquisition cost, or of the fairmarket value appraisal by the permanent lender, whichever is greater; and

(2)  Holds title to real property as the beneficiaryof a trust providing for distribution for public or charitable purposes upontermination of the trust; or

(3)  Holds title to real property subject toconditions which will result in reversion to a public or charitable entity foraffordable housing upon dissolution of the corporation; or

(4)  Holds a leasehold interest conditioned on thecorporation's continued qualification under this chapter and providing forreversion to a public entity or charitable corporation for affordable housing.[L 1987, c 105, pt of §1; am L 1988, c 141, §47 and c 370, §5; am L 2002, c 40,§59]