Michigan Laws 125.2724 – Acquisition of housing project by resident organization; conditions; payment of fees and operation subsidies; management training and counseling; application for grant funds
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(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 if the resident organization successfully manages the housing project and each member of the resident organization meets the criteria in section 6.
(2) If a resident organization contracts with a housing commission under subsection (1), the housing commission shall pay all management fees and operation subsidies that the housing commission receives for the housing project to the resident organization to manage the property.
Terms Used In Michigan Laws 125.2724
- Contract: A legal written agreement that becomes binding when signed.
- Housing commission: means a housing commission or housing authority as defined under section 3 of the housing cooperation law, 1937 PA 293, MCL 125. See Michigan Laws 125.2722
- Housing project: means that term as defined under section 3 of the housing cooperation law, 1937 PA 293, MCL 125. See Michigan Laws 125.2722
- Michigan state housing development authority: means the Michigan state housing development authority created under section 21 of the state housing development authority act of 1966, 1966 PA 346, MCL 125. See Michigan Laws 125.2722
- Resident organization: means a group of residents made up of not less than 50% of total residents of the specific housing project who contract with a housing commission to manage that housing project for not less than 5 years with the intent to acquire legal ownership of the housing project under this act. See Michigan Laws 125.2722
- 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
(3) A resident organization that manages a housing project under contract with a housing commission may apply to the Michigan state housing development authority for grant funds for management training and counseling. Nonprofit community organizations and similar organizations are eligible to provide the management training and counseling.