204-D:4 Housing Construction. –
I. The authority may construct multi-family or single family housing on property transferred under this chapter.
II. The authority shall, where reasonably possible given regulatory, economic, and geographic factors, give preference to the construction of multi-family rental housing units on property transferred under this chapter.
III. At least 50 percent of the rental housing units constructed on property transferred under this program shall be designed for occupancy by low income persons.
IV. All single family units constructed under this chapter shall be designed for occupancy by persons of low or moderate income.
V. The authority may sell or otherwise transfer land transferred to the authority pursuant to this chapter upon which affordable housing has been constructed only if the authority has established controls to ensure that the housing shall remain affordable to persons of low or moderate income for a period of at least 30 years after such sale or transfer. The authority may sell or otherwise transfer undeveloped land transferred to the authority under this chapter if the purchaser or transferee enters into an agreement with the authority that the property will be used substantially for affordable housing purposes. If any property so sold or transferred ceases to be used for such purposes, ownership and or control of the property shall revert to the authority. Without an assurance that the property will be used substantially for affordable housing purposes, the authority may sell or otherwise transfer undeveloped land transferred to the authority under this chapter only after receiving approval from the long range capital planning and utilization committee, with advice from the council on resources and development established in RSA 162-C and final approval by the governor and council. The authority may lease land which is transferred to the authority under this chapter.