(a) Except for bonds purchased before appointment and interests in mutual funds, a commissioner or employee of an authority may not acquire any direct or indirect interest in a housing project or in property included or planned to be included in a housing project.

(b) A commissioner or employee of an authority may not have any direct or indirect interest in a contract or proposed contract for materials or services to be furnished or used in connection with a housing project.

(c) (1) A commissioner or employee of an authority who owns or controls a direct or indirect interest in property included or planned to be included in a housing project shall immediately disclose the interest in writing to the authority.

(2) The disclosure shall be entered in the minutes of the authority.

(3) Failure to disclose the interest is misconduct in office.