(1) A commissioner or employee of an authority may not acquire any interest, direct or indirect, in a housing project or in any property included or planned to be included in a project. A commissioner may not have any interest, direct or indirect, in a contract or proposed contract for materials or services to be furnished or used in connection with a housing project.
(2) (a) If a commissioner or employee of an authority owns or controls an interest, direct or indirect, in any property included or planned to be included in a housing project, the commissioner shall immediately disclose the interest in writing to the authority, and the disclosure must be entered upon the minutes of the authority.
(b) Failure to disclose an interest constitutes misconduct in office.