; and (C) who is a first-generation homebuyer. (8) Secretary The term Secretary means the Secretary of Housing and Urban Development. (9) Shared equity homeownership program (A) In general The term shared equity homeownership program means affordable homeownership preservation through a resale restriction program administered by a community land trust, other nonprofit organization, or State or local government or instrumentalities. (B) Affordability requirements Any such program under subparagraph (A) shall— (i) provide affordable homeownership opportunities to households; and (ii) utilize a ground lease, deed restriction, subordinate loan, or similar mechanism that includes provisions ensuring that the program shall— (I) maintain the homeownership unit as affordable for subsequent very low-, low-, or moderate-income families for an affordability term of at least 30 years after recordation; (II) apply a resale formula that limits the homeowner’s proceeds upon resale