Michigan Laws 125.1458c – Expenditures; purposes
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 125.1458c
- Adjacent neighborhood: means a residential area as determined by the authority immediately adjoining or near a downtown area within the same municipality. See Michigan Laws 125.1458
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Downtown area: means an area where 20 or more contiguous properties have been planned, zoned, or used for commercial purposes for 50 or more years and where a majority of the buildings are built adjacent to each other as determined by the authority and up to the public right-of-way. See Michigan Laws 125.1458
- Eligible applicant: means a not-for-profit corporation, a for-profit corporation, a municipality, a land bank fast track authority organized under the land bank fast track act, 2003 PA 258, MCL 124. See Michigan Laws 125.1458
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Fund: means the Michigan housing and community development fund created in section 58a. See Michigan Laws 125.1458
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Multifamily housing: means a building or buildings providing housing to 2 or more households, none of which is owner occupied. See Michigan Laws 125.1458
- Rehabilitation: means all or part of those repairs and improvements necessary to make residential real property safe, sanitary, or adequate. See Michigan Laws 125.1411
(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 low income households and with respect to projects located in a downtown area or adjacent neighborhood:
(a) Acquisition of land and buildings.
(b) Rehabilitation.
(c) New construction.
(d) Development and predevelopment costs.
(e) Preservation of existing housing.
(f) Community development projects, including, but not limited to, infrastructure improvements, economic development projects, blight elimination, or community facilities.
(g) Insurance.
(h) Operating and replacement reserves.
(i) Down payment assistance.
(j) Security deposit assistance.
(k) Foreclosure prevention and assistance.
(l) Individual development accounts established under the individual or family development account program act, 2006 PA 513, MCL 206.701 to 206.711.
(m) Activities related to ending homelessness.
(n) Assistance to nonprofit organizations, municipalities, and land bank fast track authorities organized under the land bank fast track act, 2003 PA 258, MCL 124.751 to 124.774.
(o) Predatory lending prevention or relief.
(2) The authority shall expend a portion of the fund for housing for persons with physical or mental handicaps and persons living in eligible distressed areas.
(3) The authority may make a loan to an eligible applicant from the fund at no interest or at below market interest rates, with or without security, and may make a loan for predevelopment financing.
(4) The authority may provide assistance to eligible applicants for housing units for very low income or extremely low income households within multifamily housing that is occupied partly by very low income or extremely low income households and partly by households that do not qualify as very low income or extremely low income households, subject to the rules promulgated by the authority.
(5) The authority may expend money in the fund for all other things necessary to achieve the objectives and purposes of the fund or this chapter.
(6) When performing functions under this chapter, the authority shall consider advice provided by the committee created under section 58e.