Terms Used In Michigan Laws > Chapter 125 > Act 346 of 1966 > Chapter 3A

• 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
• Adjusted household income: means that term as defined in rules of the authority. See Michigan Laws 125.1458
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board of control: means the board charged with policy direction of a state supported institution of higher education. See Michigan Laws 38.382
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dependent: A person dependent for support upon another.
• 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
• Eligible employees: means the members of the faculty and administrative staff of state supported institutions of higher education on a full-time basis whose positions require the performance of professional services in the discharge of the educational or administrative functions of the institution. See Michigan Laws 38.382
• Ex officio: Literally, by virtue of one's office.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
• Majority leader: see Floor Leaders
• Mixed use buildings: means buildings that can be used for more than 1 purpose, and in any combination, including, but not limited to, residential housing combined with either commercial or retail space. 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
• Municipality: means a city, village, or township in this state. See Michigan Laws 125.1411
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Optional retirement program: means a system of retirement benefits established as a part of the plan of compensation for eligible teaching and administrative personnel. See Michigan Laws 38.382
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Project: means those activities defined under section 58c. See Michigan Laws 125.1458
• Quorum: The number of legislators that must be present to do business.
• 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
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Retirement system: means the Michigan public school employees' retirement system created by the public school employees retirement act of 1979, Act No. See Michigan Laws 38.382
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
• State supported institution of higher education: means any of the following: