Michigan Laws 125.2793 – Transfer and assignment of certificate
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Terms Used In Michigan Laws 125.2793
- certificate: means the certificate issued pursuant to section 6. See Michigan Laws 125.2782
- Facility: except as otherwise provided in this act, means a building or group of contiguous buildings. See Michigan Laws 125.2782
- Obsolete property: means commercial property or commercial housing property, that is 1 or more of the following:
(i) Blighted, as that term is defined in section 2 of the brownfield redevelopment financing act, 1996 PA 381, MCL 125. See Michigan Laws 125.2782Qualified local governmental unit: means 1 or more of the following:
(i) A city with a median family income of 150% or less of the statewide median family income as reported in the 1990 federal decennial census that meets 1 or more of the following criteria:
(A) Contains or has within its borders an eligible distressed area as that term is defined in section 11(u)(ii) and (iii) of the state housing development authority act of 1966, 1966 PA 346, MCL 125. See Michigan Laws 125.2782Rehabilitation: means changes to obsolete property other than replacement that are required to restore or modify the property, together with all appurtenances, to an economically efficient condition. See Michigan Laws 125.2782
An obsolete property rehabilitation exemption certificate may be transferred and assigned by the holder of the certificate to a new owner of the rehabilitated facility if the qualified local governmental unit approves the transfer after application by the new owner.