Rules for buying or renting residence lots

In the disposition of lots for residence purposes: (1) No person shall purchase or lease, directly or indirectly through an agent, nominee, third person, or otherwise, any interest in more than one lot. (2) No person and no unmarried minor child, whose spouse or parent purchases or leases a lot, shall be qualified to purchase or lease any lot. (3) The board shall require the lessee or purchaser to construct, within three years after disposition, a dwelling of such size and value as shall be prescribed by the board and to use the lot and dwelling as the lessee's or purchaser's principal domicile; provided that the board may, for good and sufficient cause and to alleviate hardship, extend the building deadline for a period not exceeding two years, at six-month intervals based on a demonstration of the lessee's or purchaser's progress towards satisfying improvement requirements. (4) The board shall establish such additional restrictions, requirements or conditions in accordance with the powers granted to it in section 171-6(6). (5) No person shall be qualified to purchase or lease any lot by drawing if the person's gross income including the gross income of the person's spouse exceeds $20,000 per year. In determining gross income, the standard income tax exemption for each of the person's dependents, as determined by the income tax laws of the State, shall be allowed. (6) No person shall be qualified to purchase or lease any lot who, or whose spouse, or both of them, owns or is a lessee, under a residential lease for a term exceeding twenty years (including any periods for which the lease may be extended or renewed at the option of the lessee), of any land situated within or without the State suitable for residential use.