Section 125.2721 – Short Title.
125.2721 Short title. Sec. 1. This act shall be known and may be cited as the “urban homesteading in multifamily public housing act”. History: 1999, Act 84, Imd. Eff. June 28, 1999
Section 125.2722 – Definitions.
125.2722 Definitions. Sec. 2. As used in this act: (a) “Applicant” means an individual and the spouse of that individual if that spouse intends to occupy the property with the individual. (b) “Homestead agreement” means a written contract between a resident organization or successor entity and a qualified buyer that contains the terms under which […]
Section 125.2723 – Urban Homestead Program in Multifamily Public Housing; Availability of Property to Qualified Buyers; Resolution; Appeals Process to Applicants and Buyers.
125.2723 Urban homestead program in multifamily public housing; availability of property to qualified buyers; resolution; appeals process to applicants and buyers. Sec. 3. By resolution, and subject to federal and state law, a local governmental unit may authorize a housing commission within that local governmental unit to operate an urban homestead program in multifamily public […]
Section 125.2724 – Acquisition of Housing Project by Resident Organization; Conditions; Payment of Fees and Operation Subsidies; Management Training and Counseling; Application for Grant Funds.
125.2724 Acquisition of housing project by resident organization; conditions; payment of fees and operation subsidies; management training and counseling; application for grant funds. Sec. 4. (1) A resident organization in a housing project that contracts with a housing commission to manage the housing project shall acquire the housing project after not less than 5 years […]
Section 125.2725 – Transfer of Legal Ownership.
125.2725 Transfer of legal ownership. Sec. 5. (1) If the resident organization has successfully managed the housing project under this act and each member of the resident organization meets the criteria in section 6, the housing commission shall transfer legal ownership to the resident organization for $1.00. However, if the housing commission received federal funds […]
Section 125.2726 – Acquisition of Public Housing Property; Eligibility to Enter Homestead Agreement; Substance Abuse Testing; Verification of School Attendance.
125.2726 Acquisition of public housing property; eligibility to enter homestead agreement; substance abuse testing; verification of school attendance. Sec. 6. (1) An applicant who meets all the following criteria is eligible to enter into a homestead agreement to acquire public housing property as a qualified buyer under this act: (a) The applicant is employed and […]
Section 125.2727 – Acquisition of Public Housing Unit in Which Qualified Buyer Resides; Application; Felony as Automatic Termination; Conditions for Transfer of Legal Ownership; Escrow Account.
125.2727 Acquisition of public housing unit in which qualified buyer resides; application; felony as automatic termination; conditions for transfer of legal ownership; escrow account. Sec. 7. (1) A qualified buyer may apply to the resident organization or successor entity to acquire the public housing unit in which the qualified buyer resides. The application shall be […]
Section 125.2728 – Mortgage Loans.
125.2728 Mortgage loans. Sec. 8. The Michigan state housing development authority may provide mortgage loans to qualified buyers who are required to pay for their unit in the multifamily public housing. Loans provided under this section shall be made at a rate of interest not to exceed the qualified rate. The Michigan state housing development […]
Section 125.2729 – Right of First Refusal.
125.2729 Right of first refusal. Sec. 9. For 5 years after a qualified buyer takes ownership of a unit under this act, the resident organization or successor entity has a right of first refusal if the qualified buyer desires to sell his or her unit acquired under this act. During the 5-year period, the resident […]
Section 125.2730 – Legal Ownership by Resident Organization or Successor Entity; Effect on Residents Who Do Not Become Owners.
125.2730 Legal ownership by resident organization or successor entity; effect on residents who do not become owners. Sec. 10. (1) Residents of the housing project who resided in the housing project before the resident organization or successor entity took legal ownership may continue to reside in the premises under the same terms and conditions as […]
Section 125.2731 – Federal Waivers.
125.2731 Federal waivers. Sec. 11. If a waiver of federal law, rule, or policy is needed to implement this act, the housing commission, the Michigan state housing development authority, and the resident organization may work together to obtain the appropriate waivers from the appropriate federal authorities. History: 1999, Act 84, Imd. Eff. June 28, 1999
Section 125.2732 – Additional Powers.
125.2732 Additional powers. Sec. 12. The powers of a local governmental unit prescribed in this act are in addition to any other powers provided by law or charter. History: 1999, Act 84, Imd. Eff. June 28, 1999
Section 125.2733 – Audit.
125.2733 Audit. Sec. 13. (1) Not less than every 2 years, the housing commission shall hire an independent auditor to audit the books and accounts of a resident organization under a management contract to a housing commission. (2) Not less than every 2 years, a resident organization that has taken legal ownership of a housing […]
Section 125.2734 – Late or Delinquent Rent.
125.2734 Late or delinquent rent. Sec. 14. A qualified buyer eligible for and participating in the urban homestead program shall be allowed the opportunity to make up any late or delinquent rent due. The administrator shall notify the individual of the arrearage and determine a payment schedule to make up past due rent. History: 1999, […]