125.1458 Definitions. Sec. 58. (1) The definitions in section 11 apply to this chapter unless otherwise provided in this chapter. (2) As used in this chapter: (a) “Adjacent neighborhood” means a residential area as determined by the authority immediately adjoining or near a downtown area within the same municipality. (b) “Adjusted household income” means that […]
125.1458a Michigan housing and community development fund; creation; administration; credit of amounts and earnings from investments; availability of money for disbursement; money in fund at end of fiscal year. Sec. 58a. (1) The Michigan housing and community development fund is created as a separate fund in the authority. (2) The fund shall be administered by […]
125.1458b Michigan housing and community development program; creation and implementation; purpose; availability of financing to eligible applicants; biennial allocation plan; public hearings; annual report; rules. Sec. 58b. (1) The authority shall create and implement the Michigan housing and community development program for the purpose of developing and coordinating public and private resources to meet the […]
125.1458c Expenditures; purposes. Sec. 58c. (1) The authority shall expend money in the fund to make grants, mortgage loans, or other loans to eligible applicants as provided in this section to enable eligible applicants to finance any of the following with respect to housing or home ownership for low income, very low income, and extremely […]
125.1458d Housing assistance; conditions. Sec. 58d. The authority shall not provide assistance for housing under this chapter unless both of the following circumstances exist: (a) If the housing is multifamily housing, the owner or manager agrees in writing not to evict a tenant without just cause, as defined in section 44a of 1933 (Ex Sess) […]
125.1458e Michigan housing and community development fund advisory committee; creation; membership; terms; vacancy; compensation; expenses; chairperson; vice-chairperson; scope of advice; space, supplies, and staff; public meetings; quorum; majority vote; information used for personal gain prohibited; adoption of code of ethics. Sec. 58e. (1) The Michigan housing and community development fund advisory committee is created in […]
125.1458f Rights of holders of authority bonds or notes; construction of chapter as to status of money controlled by authority. Sec. 58f. (1) When performing duties under this chapter, the authority and the committee created under section 58e shall remain cognizant of the rights of the holders of authority bonds or notes and the extent […]
