(1) Subject to the requirements of this section, a governmental entity may grant or lease real property owned by the governmental entity to an entity for the development of moderate income housing on the real property.
(2) A governmental entity shall ensure that real property granted or leased under Subsection (1) is deed restricted for moderate income housing for at least 30 years after the day on which each moderate income housing unit is completed and occupied.
(3) If applicable, a governmental entity granting real property under this section shall comply with:
(a) the provisions of Title 78B, Chapter 6, Part 5, Eminent Domain;
(b) Subsection 10-8-2(4), if a municipality is granting real property under this section;
(c) Subsection 17-78-103(4), if a county is granting real property under this section; and
(d) except as provided in Subsection (4), any other applicable provisions of law that govern the granting of real property by the governmental entity.
(4) A municipality granting real property under this section is not subject to the provisions of Subsection 10-8-2(3).