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(A) Has a minimum of thirty years remaining of a price -restricted affordability period; or (B) Places a deed restriction on the property to maintain permanent affordability. For purposes of this paragraph: "Permanent affordability" means a requirement that a residential real property remain affordable to households with incomes at or below one hundred twenty p cent of the area median income as determined by the United States Department of Housing and Urban Development for the life of the property. "Price -restricted affordability period" means the period for which a residential real property is restricted to renter households with incomes at or below one hundred twenV per cent of the area median income as determined by the United States Department of Housing and Urban Development applicable to the location of the real property for the applicable federal fiscal year; 19 Any document or instrument conveying real property to a nonprofit organization that: (A) Is exempt from federal income tax by the Internal Revenue Services; and (B) Will hold the property in an undeveloped state and for conservation purposes in perpetuity through a deed restriction on the property; and J201 Any document or instrument conveying real property to an individual who is an owner -occupant or renter -occupant of the property; provided the individual does not have a direct or indirect ownership interest in any other real property, including through ownership interest in a trust, partnership, corporation, limited liability company, or other entity." SECTION 6. Section 247-7, Hawaii Revised Statutes, is amended to read as follows: