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1 New Paragraph; Disposal of Real Estate; Sale or Lease of Property for Affordable Housing. Amend RSA 4:40 by inserting after paragraph III-a the following new paragraph:
III-b. Notwithstanding paragraph III, the subject property may be sold or leased at less than fair market value, as determined by the governor and council, if the property is sold to a nonprofit entity for the construction and development of affordable housing, as defined in RSA 204-C:56, I. The department shall convey such property with the necessary covenants and restrictions to ensure that the property is used for such purpose.
2 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
1 New Paragraph; Disposal of Real Estate; Sale or Lease of Property for Affordable Housing. Amend RSA 4:40 by inserting after paragraph III-a the following new paragraph:
III-b. Notwithstanding paragraph III, the subject property may be sold or leased at less than fair market value, as determined by the governor and council, if the property is sold to a nonprofit entity for the construction and development of affordable housing, as defined in RSA 204-C:56, I. The department shall convey such property with the necessary covenants and restrictions to ensure that the property is used for such purpose.
2 Effective Date. This act shall take effect 60 days after its passage.