HB 1722 HD1

Clarifies the Ninety-Nine Year Leasehold Program by: including the renting or subleasing by the owner of a residential condominium unit to any tenant or sublessee of any kind as a form of owner occupation; requiring at least sixty per cent of the residential condominium units within urban redevelopment sites to be set aside for owner-occupied residential use for at least ten years from the date of initial purchase; exempting the design, development, and construction of contracts for residential condominium units within an urban redevelopment site from procurement requirements; allowing an individual to own other real property and still qualify for the program; and allowing the sale of up to forty per cent of residential condominium units to qualified residents if there are units available after being advertised for sale for more than sixty days. Effective 7/1/3000. (HD1)