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, being M.C.L.A. §§ 125.1401 et seq., as amended.
ANNUAL SHELTER RENT. The total collections during an agreed annual period from all occupants of a housing project representing rents or occupancy charges, exclusive of any charges for gas, electricity, heat or other utilities furnished to the occupants.
AUTHORITY. The Michigan State Housing Development Authority.
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 elderly persons of low and moderate 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 elderly persons of low or moderate income.
MORTGAGE LOAN. A loan to be made by the Authority to the sponsor for the construction and permanent financing of the housing development.
SPONSOR. Persons or entities which have applied to the Authority for a mortgage loan or for the low income housing tax credit program to finance a housing development.
UTILITIES. Fuel, water, sanitary sewer service and/or electrical service which are paid by the Housing Development.
(Ord. 144, passed 9-12-2006)