Sec. 1. 36 MRSA §4641, sub-§2-B is enacted to read:

2-B.__Multifamily affordable housing property.__"Multifamily affordable housing property" means a decent, safe and sanitary dwelling, apartment building or other living accommodation that includes at least 6 units and:

A.__At least 20% of the units have restricted rents affordable to households earning no more than 80% of the area median income as determined by the United States Department of Housing and Urban Development;

B.__The property is funded by the United States Department of Housing and Urban Development, the United States Department of Agriculture or the Maine State Housing Authority; or

C.__The property qualifies for low-income housing credits under Section 42 of the Code.

Sec. 2. 36 MRSA §4641-C, sub-§19, as amended by PL 2001, c. 559, Pt. I, §7 and affected by §15, is further amended to read:

19. Change in identity or form of ownership. Any transfer of real property, whether accomplished by deed, conversion, merger, consolidation or otherwise, if it consists of a mere change in identity or form of ownership of an entity. This exemption is limited to those transfers when no change in beneficial ownership is made and may include transfers involving corporations, partnerships, limited liability companies, trusts, estates, associations and other entities; and

Sec. 3. 36 MRSA §4641-C, sub-§20, as enacted by PL 2001, c. 559, Pt. I, §8 and affected by §15, is amended to read:

20. Controlling interests. Transfers of controlling interests in an entity with a fee interest in real property if the transfer of the real property would qualify for exemption if accomplished by deed of the real property between the parties to the transfer of the controlling interest.; and

Sec. 4. 36 MRSA §4641-C, sub-§21 is enacted to read:

21.__Multifamily affordable housing property.__Any sale or transfer of a multifamily affordable housing property.

Sec. 5. 36 MRSA §5102, sub-§10-B is enacted to read: