(a) In addition to any other reason for disapproving a disposal of property under section 3 of this chapter, the executive of a consolidated city may disapprove a sale of a tract of residential property to any bidder who does not by affidavit declare that:

1. (1) the bidder will reside on that property for at least one (1) year after the bidder obtains possession of it; and
2. (2) the bidder is eligible to purchase the property under section 16 of this chapter.

(b) When the executive exercises disapproval under this section, the property may be sold to the highest bidder who also presents an affidavit declaring that:

1. (1) the bidder will reside on that property for a one (1) year period after the bidder obtains possession; and

2. (2) the bidder is eligible to purchase the property under section 16 of this chapter.

   As added by Acts 1981, P.L.306, SEC.1. Amended by P.L.60-1988, SEC.24.