This part applies to development tracts which are, at the time of acquisition of leased fee interests in residential lots within such tracts by the Hawaii housing finance and development corporation as [provided] herein:

(1) Developed and subdivided into residential houselots occupied by lessees under leases executed before June 24, 1967;
lease

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(2) Developed and subdivided or partially developed into residential houselots occupied or to be occupied by lessees under leases executed after June 24, 1967, provided that ten or more years remain before the final termination of the lease term, and provided further that ninety per cent of the leases to the lots have been executed.

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