RELATING TO RESIDENTIAL CONDOMINIUMS.

The definition of 'owner-occupied residential use' was changed to explicitly include renting or subleasing by the owner, reversing the previous prohibition.

A new requirement mandates that at least 60% of residential condominium units in urban redevelopment sites be set aside for owner-occupied residential use for a minimum of ten years.

The bill added a provision allowing up to 40% of units to be sold to qualified residents if they remain unsold after 60 days of advertising.

Eligibility criteria were modified to allow an eligible buyer or their spouse to own other real property, including trusts and co-ownership, while owning a unit in the program.

The effective date of the Act was changed from July 1, 3000, to July 1, 2050.

Changed the requirement for owner-occupancy from a fixed statutory rule to a flexible rule adopted by the Authority, allowing the Authority to determine the specific duration of occupancy requirements.

Added a new requirement for the Authority to adopt rules ensuring that at least 60% of residential condominium units are sold to individuals or households with incomes up to 140% of the area median income.

Added a provision allowing units not subject to income restrictions to be sold to other buyers without an owner-occupancy requirement if they are not sold within sixty days of the initial offering.

Clarified eligibility rules by adding specific conditions for eligible buyers who acquire additional real property, requiring them to sell the additional property or leasehold interest within six months.

Repealed the statutory prohibition against renting or advertising residential units for rent, replacing it with an Authority rule that may prohibit such activities to enforce owner-occupancy.

Updated the definition of what is being sold and transferred to explicitly refer to 'leasehold interest' in residential condominium units rather than just the unit itself.

Changed the requirement for rental restrictions from a mandatory statutory prohibition to a rule-based prohibition, allowing the authority to decide if and how to ban renting.

Added a requirement for the authority to adopt rules establishing an initial sales period where units are offered only to eligible owner-occupiers.

Modified the buyback pricing requirement to explicitly require prices similar to those used by other state agencies.

Updated the effective date of the act from immediate approval to July 1, 3000.

Changed the term 'owner-occupied use' to 'owner-occupied residential use' to clarify that renting or subleasing is not permitted under this definition.

Removed the statutory requirement that 60% of units must be set aside for owner-occupancy for ten years, replacing it with a rule allowing the authority to determine the specific duration of this requirement.

Added a provision allowing units that were not sold within the initial 60-day period to be sold to other buyers without an owner-occupancy requirement, as determined by the authority.

Added a requirement for the authority to establish buyback pricing formulas similar to those used by other state agencies.

Added an exception allowing eligible buyers to own other real property, provided they sell that property within six months of purchasing the affordable unit.

Shifted the requirement for 60% of units to be income-restricted from a fixed statute to a rule that the authority must adopt.

Changed the effective date from July 1, 2050, to the date of the bill's approval.