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



"Corporate equity" means the excess
of the current fair market value of the corporation's assets, including its
real property, over the sum of the current transfer values of all shares or
membership interests, reduced by the principal balance of outstanding
encumbrances upon the corporate real property as a whole.



"Limited-equity housing cooperative"
means a stock cooperative corporation which is organized as a nonprofit
corporation under chapter 414D for the purpose of holding title to, either in
fee simple or for a term of years, improved real property, if all or
substantially all of the shareholders of such corporation receive a right of
exclusive occupancy in a portion of the real property, title to which is held
by the corporation, which right of occupancy is transferable only concurrently
with the transfer of the share or shares of stock in the corporation held by
the person having such right of occupancy; provided the corporation also:



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



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



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



(4)  Holds a leasehold interest conditioned on the
corporation's continued qualification under this chapter and providing for
reversion 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]