125.1421 Michigan state housing development authority; creation; composition; appointment, qualifications, and terms of members; vacancy; expenses; certificate of appointment or reappointment; designated resident members; powers vested in members; quorum; actions of authority; findings of fact; meetings; chairperson and vice-chairperson; officers, agents, and employees; delegation of powers and duties; relationship to department of consumer and industry […]
125.1422 Powers of authority. Sec. 22. The authority possesses all powers necessary or convenient to carry out this act, including the following powers in addition to other powers granted by other provisions of this act: (a) To sue and to be sued; to have a seal and to alter the seal at pleasure; to have […]
125.1422a Rehabilitation of residential real or rental property; loans, grants, or deferred payment loans to persons and families of low and moderate income; loans to persons in areas of chronic economic stress and to persons located elsewhere in state; powers of authority; participation or cooperation with governing bodies, private organizations, or public organizations; plan; selection […]
125.1422b Designation of authority as housing credit agency; purpose; amount of housing credit ceiling; qualification of applicant; allocation plan; distribution; setting aside allocable amounts; reapportionment of unallocated credit amounts; applications for low income housing tax credit; fees; “rural housing projects” defined. Sec. 22b. (1) The authority is designated as the housing credit agency for the […]
125.1422c Subsidiary nonprofit housing corporation. Sec. 22c. (1) The authority may incorporate 1 or more nonprofit housing corporations for 1 or more of the following purposes: (a) Owning, holding, maintaining, improving, completing, receiving subsidy payments for, or transferring ownership of a housing project or housing unit either acquired through foreclosure or deed in lieu of […]
125.1422d Investments. Sec. 22d. (1) In addition to the powers described in section 22(n), the authority may, in its discretion, invest money held in reserve or sinking funds, or money not required for immediate use or disbursement, in entities, including limited partnerships and limited liability companies, whose primary purpose is, directly or indirectly, to acquire […]
125.1423 Housing development fund; creation; payments into fund. Sec. 23. (1) There is created and established under the jurisdiction and control of the authority a revolving fund to be known as the “housing development fund”. (2) There shall be paid into the housing development fund (a) any moneys appropriated and made available by the state […]
125.1424 Housing development fund; advances; grants; transfer of moneys. Sec. 24. (1) The authority may use the moneys held in the fund to make interest-bearing or noninterest-bearing advances, in compliance with this act, to nonprofit housing corporations and consumer housing cooperatives for development costs of proposed housing projects. Advances may not be made unless the […]
125.1424a Land acquisition and development fund; creation; payment of moneys into fund. Sec. 24a. (1) A fund to be known as the “land acquisition and development fund” is created and established under the jurisdiction and control of the authority. (2) There shall be paid into the land acquisition and development fund: any moneys appropriated and […]
125.1424b Land acquisition and development fund; use of moneys; acquisition and exchange of real property; improvements to real property; costs; conveyance of real property. Sec. 24b. (1) The authority may use the money held in the land acquisition and development fund to lease, acquire, or contract to acquire real property by grant, purchase, or otherwise […]
125.1424c Transfer of moneys to housing development fund or rehabilitation fund. Sec. 24c. The authority may transfer the moneys held in the land acquisition and development fund to the housing development fund or to the rehabilitation fund in amounts the authority determines necessary. History: Add. 1976, Act 410, Imd. Eff. Jan. 9, 1977 ;– Am. […]
125.1424d Rehabilitation fund; creation; jurisdiction; payments. Sec. 24d. (1) A fund to be known as the “rehabilitation fund” is created and established under the jurisdiction and control of the authority. (2) The following shall be paid into the rehabilitation fund: (a) Moneys appropriated and made available by the state for the purposes of the rehabilitation […]
125.1424e Rehabilitation fund; use of moneys; allocations or pledges to holders of bonds. Sec. 24e. (1) The authority may use moneys in the rehabilitation fund either separately or in conjunction with other moneys available to the authority to make, purchase, or otherwise participate in loans, grants, or deferred payment loans authorized pursuant to section 44a. […]
125.1424f Recapture tax fund; creation; establishment; payment; use. Sec. 24f. (1) There is created and established under the jurisdiction and control of the authority a fund to be known as the recapture tax fund. (2) There may be paid into the recapture tax fund any money available to the authority from any source or sources, […]
125.1424g Repealed. 1985, Act 183, Imd. Eff. Dec. 18, 1985. Compiler’s Notes: The repealed section pertained to conversion condominium loans and funds.
125.1425 Bonds and notes; issuance; purposes; issuing renewal notes, bonds to pay notes and refunding bonds; notes or bonds as general obligations and negotiable instruments; revised municipal finance act inapplicable; issuance subject to agency financing reporting act. Sec. 25. (1) The authority may issue its negotiable bonds and notes in a principal amount, which in […]
125.1426 Bonds and notes; authorization; terms. Sec. 26. The notes and bonds shall be authorized by resolution of the members of the authority; shall bear such date or dates, and shall mature at such time or times, in the case of any note, or any renewal thereof, not exceeding 20 years, from the date of […]
125.1427 Notes or bonds; resolution authorizing issuance; contents. Sec. 27. Any resolution authorizing any notes or bonds or any issue of notes or bonds may contain provisions, which shall be a part of the contract with the holders of the notes or bonds, as to: (a) Pledging all or any part of the fees and […]
125.1428 Notes and bonds; validity and effect of pledge. Sec. 28. Any pledge made by the authority shall be valid and binding from the time when the pledge is made; the moneys or property so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical […]
125.1429 Notes and bonds; personal liability of members of authority. Sec. 29. Neither the members of the authority nor any person executing the notes or bonds shall be liable personally on the notes or bonds or be subject to any personal liability or accountability by reason of the issuance thereof. History: 1966, Act 346, Eff. […]
