1. (a) Within two years of the date of acquisition of the property, the nonprofit corporation must submit to the Commissioner, a plan for the development of the land acquired under the Land Bank Program.
2. (b) The nonprofit corporation's plan must demonstrate that it currently has an application for project financing under review by a governmental or private financial institution.
3. (c) The nonprofit corporation's plan must demonstrate a mechanism, acceptable to the Commissioner, which will guarantee that the land will continue to provide housing affordable to low and moderate income families.
4. (d) If the nonprofit corporation is unable to submit a plan within the required two year period, the Commissioner may grant an extension if he determines that it is in the best interest of the state.

(Effective August 18, 1988)