Michigan Laws 125.1451 – Definitions
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(1) The definitions in section 11 shall apply to this chapter, unless otherwise provided in this chapter.
(2) As used in this chapter:
Terms Used In Michigan Laws 125.1451
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- 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.
- Housing charges: means monthly rentals or carrying charges, and includes estimated or actual expenditures for heat, light, water, cooking fuel, and other utilities, and other reasonable expenditures which the authority determines to be a part of housing charges. See Michigan Laws 125.1451
- Housing project: means any of the following:
(i) Residential real property developed or to be developed or receiving benefits under this act. See Michigan Laws 125.1411person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l rental: means all regular charges paid on a periodic basis to a housing corporation by a person or family living in a rental or cooperative housing project, excluding initial down payments. See Michigan Laws 125.1451
(a) “Low and moderate income housing” means housing financed by bond issues authorized under this act, by federally-aided mortgages as defined in section 11(c), or by other programs directed toward providing housing within the financial means of low and moderate income families as the authority shall determine.
(b) “Probable aggregate annual income” means the total annual income of the chief wage earner or supporter of the family, plus the income of secondary wage earners in excess of $1,200.00 per year and the income of minors in excess of $800.00 per year, but excluding completely the income of college students.
(c) “Carrying charges” or “rental” means all regular charges paid on a periodic basis to a housing corporation by a person or family living in a rental or cooperative housing project, excluding initial down payments.
(d) “Housing charges” means monthly rentals or carrying charges, and includes estimated or actual expenditures for heat, light, water, cooking fuel, and other utilities, and other reasonable expenditures which the authority determines to be a part of housing charges.
(e) “Shelter rent” means the rental or carrying charges established for occupancy in housing projects, exclusive of payments for taxes and charges for heat, light, water, cooking fuel, and other necessary utilities.
(f) “Low income persons” means those persons designated as “low income persons” by the authority under section 22(o).