For the purpose of this subchapter, 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, M.C.L.A. §§ 125.1401 et seq., of the State of Michigan, as amended.
ANNUAL SHELTER RENT. The total possible scheduled rent during an agreed annual period from all units of the housing development representing rent or occupancy charges, exclusive of owner-paid utilities as herein defined.
AUTHORITY. The Michigan State Housing Development Authority.
CITY. The City of Bronson, Michigan.
CONTRACT RENTS. Defined by the U.S. Department of Housing and Urban Development (“HUD”) in regulations promulgated pursuant to the U.S. Housing Act of 1937, as amended by the Housing and Community Development Act of 1974.
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 and all other members are 50 years of age or older.
HOUSING DEVELOPMENT. A development which contains a significant element of housing for a person of low or moderate income and elements of other housing, commercial, recreational, industrial, communal and educational facilities that the authority determines improve the quality of the development as it relates to housing for persons of low or moderate income.
MORTGAGE LOAN. A loan to be made by the authority to the sponsor for the acquisition, rehabilitation and permanent financing of housing development.
OWNER. A-Mac Rural Development, LDHA, LLC.
SPONSOR. Persons or entities with a general partner interest in the owner which have applied to the authority for a mortgage loan to finance a housing development.
UTILITIES. Fuel, water, sanitary sewer services and/or electrical service which are paid by the development.
(Ord. 174, passed 4-11-2011; Ord. 182, § 2, passed 2-13-2012)