For the purpose of this chapter the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACT. The State Housing Development Authority Act, being Public Act 346 of 1966, of the State of Michigan, as amended.
ANNUAL SHELTER RENT. The total collections during an agreed annual period from all occupants of a housing development representing rent or occupancy charges, exclusive of charges for gas, electricity, heat, or other utilities furnished to the occupants.
AUTHORITY. The Michigan State Housing Development Authority.
CONTRACT RENTS. As defined by the U.S. Department of Housing and Urban Development in regulations promulgated pursuant to the U.S. Housing Act of 1937, as amended.
ELDERLY. A single person who is 55 years of age or older or a household in which at least one member is 55 years of age or older.
HOUSING DEVELOPMENT. A development which contains a significant element of housing for persons of low income and such elements of other housing, commercial, recreational, industrial, communal, and educational facilities as the Authority determines improve the quality of the development as it relates to housing for persons of low income.
MORTGAGE LOAN. A loan that is federally aided (as defined in the Act) or made or to be made by the Authority for the construction, rehabilitation, acquisition and/or permanent financing of a housing project, secured by a mortgage on the housing project.
QUALIFIED HOUSING DEVELOPMENT. A housing development with characteristics specified in this chapter which the City Commission may find exist and qualify the Housing Development for tax exempt status.
SPONSOR. Any person(s) or entities that receive or assume a Mortgage Loan.
UTILITIES. Fuel, water, sanitary sewer service and/or electrical service which are paid by the Housing Development.
(Ord. 490-02-02, passed 2-18-02; Am. Ord. 566-05-06, passed 5-15-06; Am. Ord. 610-07-09, passed 7-6-09)