(a) During his or her tenure, no commissioner or employee of an authority shall acquire any direct or indirect ownership interest in any housing project or in any property included or planned to be included in any project, nor shall he or she acquire any direct or indirect interest in any contract or proposed contract for materials or services to be furnished or used in connection with any housing project, except that the renewal of an existing contract shall be subject to the provisions of subsection (b) of this section.

(b) If any commissioner or employee of an authority, prior to appointment or employment, owns or has a direct or indirect interest in any housing project or any property included or planned to be included in any housing project, or a direct or indirect interest in any contract or proposed contract for materials or services to be furnished or used in connection with any housing project, he or she immediately shall disclose the same in writing to the authority and such disclosure shall be entered upon the minutes of the authority. He or she shall not vote on any issue pertaining to any housing project, or any property included or planned to be included in any project or on any contract or proposed contract for materials or services to be furnished or used in connection with any housing project for which he or she owns or controls a direct or indirect interest. Failure so to disclose such interest or refrain from voting shall constitute misconduct in office. (1961, No. 212, § 6, eff. July 11, 1961; amended 1987, No. 250 (Adj. Sess.), § 5, eff. June 13, 1988.)