Section 15-309-8 - General provisions(a) The corporation may purchase equity in for-sale housing development projects; provided that this equity shall be allocated to specific units within the housing development projects and the price to be paid by each eligible buyer of a unit shall be reduced by the corporation's equity amount for that unit. The corporation's equity shall be allocated to specific units, and the units shall be offered to qualified purchasers prioritized by the corporation.(a) In determining units to be allocated the corporation's equity, the corporation shall give priority to starter units.(b) The corporation shall determine the total equity contribution to a housing development project, and the allocation of the corporation's equity to units in the housing development project.(c) The corporation may partner with a developer of units to implement the program.(d) The corporation shall enter into an agreement with the developer to purchase equity in specified units of a housing development project. The agreement shall specify the corporation's equity, the units to which the corporation's equity is allocated, and the amount to be paid by eligible buyers factoring in the corporation's equity. The agreement shall be subject to the approval of the board.(e) The corporation's allocated equity shall be paid to the developer at the time of the closing of the sale of the unit.[Eff 1/15/2024] (Auth: SLH 2023, Act 92, §2) (Imp: SLH 2023, Act 92, §2)