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(A) Has a minimum of thirty years remaining of a <br />price -restricted affordability period; or <br />(B) Places a deed restriction on the property to <br />maintain permanent affordability._ <br />For purposes of this paragraph: <br />"Permanent affordability" means a requirement that a residential real property <br />remain affordable to households with incomes at or below one hundred twenty per cent of the area median income as determined by the United States Department of <br />Housing and Urban Development for the life of the property. <br />"Price -restricted affordabilitv i)eriod" means the period for which a <br />residential real property is restricted to renter households with incomes at or below <br />one hundred twenty per cent of the area median income as determined by the United <br />States Department of Housing and Urban Development applicable to the location of <br />the real property for the applicable federal fiscal year; <br />L19 Any document or instrument conveying real properly to a nonprofit <br />organization that: <br />(A) Is exempt from federal income tax by the Internal <br />Revenue Services; and <br />(B) Will hold the property in an undeveloped state <br />and for conservation purposes in perpetuity <br />through a deed restriction on the property; and <br />k20Any document or instrument conveying real property to an individual who is <br />I <br />an owner -occupant or renter -occupant of the property provided the individual does <br />not have a direct or indirect ownership interest in any other real property, including <br />through ownershiD interest in a trust. DartnershiD. corDoration. limited liability <br />company, or other enti <br />SECTION 6. Section 247-7, Hawaii Revised Statutes, is <br />amended to read as follows: <br />