An interest, other than record ownership, in real property of an individual residing in the property is exempt from real property taxes if the property has been developed, improved, or acquired with federal funds for low-income housing and is owned or managed as low-income housing by the state building authority or a regional housing authority formed under AS 18.55.996. This section does not prohibit the borough from receiving payments in lieu of taxes authorized under federal law. [Ord. No. 678, §1, 1-3-89. Code 1974 §45.11.030.]