1. (a) A political subdivision or a housing authority may exercise a right of first purchase under this subtitle and may develop, acquire, improve, own, operate, and manage a rental housing project acquired under the right of first purchase and do all things necessary or convenient to exercise these rights.

2. (b) In any rental housing project purchased under a right of first purchase under this subtitle and owned or managed by a housing authority authorized under Division II of this article, this subtitle supersedes:

   1. (1) §§ 12-401, 12-402, and 12-405 of this article; and
   2. (2) all otherwise applicable restrictions on tenant income under Division II of this article.

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2006, c. 44, § 6, eff. April 8, 2006; Acts 2006, c. 64, § 1, eff. Oct. 1, 2006.