[§514B-96]  Designation of residential units.  (a)  The developer of any project containing residential units shall designate at least fifty per cent of the units for sale to prospective owner-occupants pursuant to section 514B‑98.  The designation shall be set forth either in the developer's public report or in the announcement or advertisement required by section 514B‑95.5, and may be set forth in both.  The units shall constitute a proportionate representation of all the residential units in the project with regard to factors of square footage, number of bedrooms and bathrooms, floor level, and whether or not the unit has a lanai.

     (b)  A developer shall have the right to substitute a unit designated for owner-occupants with a unit that is not so designated; provided that the units shall be similar with regard to the factors enumerated in subsection (a).  The substitution shall not require the developer's submission of a supplementary developer's public report. [L 2005, c 93, pt of §4]