(a) A trust may retain title to land it acquires and may lease housing units located on the land or sell housing units located on the land under long-term ground leases, as provided by Section 373A.106.
(b) A trust may not transfer title to any land owned by the trust without obtaining:
(1) a unanimous vote of the board members of the trust;
(2) approval by the municipality and county in which the land is located, as provided through a resolution of the governing bodies of the municipality and county adopted with the affirmative vote of four-fifths of the members following a public hearing; and
(3) the provision by the board of the trust of advance notice to all persons who own or rent housing units located on land owned by the trust.