(1) As used in this section, unless context requires otherwise:
(a) "Accessory dwelling unit" means a smaller, secondary dwelling unit located on the same lot as a principal dwelling, which provides complete, independent living facilities;
(b) "Multifamily housing" means any residential housing type other than single- family homes and accessory dwelling units;
(c) "Property owner" or "owner" means:
1. If the property is owned by one (1) or more individuals, one (1) or more of those individuals;
2. If the property is owned by a trust, one (1) or more of the beneficiaries or trustees;
3. If the property is owned by a partnership or limited liability company, one (1) or more of the partners or members; or 4. If the property is owned by a corporation, one (1) or more of the shareholders; and (d) "Traditional single-family home zone" means a zone that, as of January 1, 2025, did not include multifamily homes as a permitted use.
(2) In a county containing a consolidated local government, for new leases initiated after June 27, 2025, a property owner shall not lease or allow to be occupied any single-family home, multifamily housing unit, or accessory dwelling unit located on a lot that contains a single-family home and that is located in a traditional single- family home zone, unless the owner primarily resides in the single-family home or multifamily housing unit or an accessory dwelling unit on the lot. This restriction shall not apply to a lot that contains only one (1) single-family home and does not contain an accessory dwelling unit.