(

a) The board, board of governors, and participating college, with the consent of the board, may enter into leases or subleases, as lessor or lessee, for any property or approved student housing project in connection with the financing authorized by this

chapter and may enter into contracts or other agreements for the use, maintenance, and operation of the student housing project in order to facilitate the financing authorized by this chapter. (

b) In the leases, subleases, or other agreements described in subdivision (a), the participating college shall agree to all of the following:

(1) To indemnify, defend, and hold harmless the State of California, the board, and the board of governors for any and all claims and losses accruing and resulting from or arising out of the participating college’s use and occupancy of the student housing project and any other property leased or subleased pursuant to this section.

(2) To provide all insurance coverage determined necessary by the board during construction of the student housing project and after completion of the student housing project and for any other property leased or subleased pursuant to this subdivision.

(3) That it will not charge rental rates for beds identified for low-income students in excess of percent of percent of the area median income for a single-room occupancy unit type, except such rental rates may be adjusted each year based on the lesser of percent of percent of the area median income for a single-room occupancy unit type for a given year or the percentage change in the annual average value of the California Consumer Price Index for all urban consumers for the most recent calendar year of actual data.

(4) That the student housing project will include, at a minimum, the number of beds for low-income students specified in a participating college’s application submitted pursuant to

Section of the Education Code as may be adjusted pursuant to subdivision (

f) of

Section 15820.202.

(5) To first offer the housing available from the student housing project to low-income students.

(6) To require any students renting housing in a student housing project to take a minimum of degree-applicable units per semester per term, or the quarterly equivalent, to facilitate timely degree completion. However, students renting housing in the student housing project shall be permitted to live in the student housing project for the full academic or calendar year so long as the student remains enrolled in the applicable campus. (

c) This

chapter provides a complete, additional, and alternative method for performing the acts authorized by this chapter, and any sale or lease of any property or approved student housing project to or by the board of governors or any participating college for purposes of this

chapter need not comply with the requirements of any other law applicable to a sale, purchase, or lease, as the case may be, by the board of governors, a community college or community college district.