125.1499 Mutual housing association generally. Sec. 99. A mutual housing association shall be a nonprofit corporation or cooperative corporation incorporated pursuant to the laws of this state or authorized to transact business in this state that operates in accordance with this chapter. History: Add. 1989, Act 220, Imd. Eff. Dec. 11, 1989 Compiler’s Notes: For […]
125.1499a Mutual housing association; corporate name. Sec. 99a. The term “cooperative” or “mutual housing association” shall be included as a part of the corporate name as set forth in the certificate of incorporation of a mutual housing association. History: Add. 1989, Act 220, Imd. Eff. Dec. 11, 1989
125.1499b Mutual housing association; requirements. Sec. 99b. A mutual housing association shall meet all of the following requirements: (a) At least 75% of its voting members or shareholders shall be residents of housing owned or operated by it. (b) A major purpose of the mutual housing association shall be to provide high quality, long-term housing […]
125.1499c Loans or grants. Sec. 99c. The authority may make a loan or grant to a nonprofit housing corporation or association, mobile home park corporation or association, or limited dividend housing corporation or association that is established and controlled by a mutual housing association on the same basis as a loan or grant may be […]
