(a) “Act” means the State Housing Development Authority Act, being Public Act 346 of 1966, of the State of Michigan, as amended.
(b) “Authority” means the Michigan State Housing Development Authority.
(c) “Contract Rents” are as defined by the U.S. Department of Housing and Urban Development in regulations promulgated pursuant to Section 8 of the U.S.Housing Act of 1937, as amended.
(d) “Elderly Persons” means a family where the head of the household is 62 years of age or older or a single person who is 62 years of age or older.
(e) “Elderly Persons of Low Income” means elderly persons who meet the eligibility criteria set by the Authority and/or federal government.
(f) “Housing Development” means a development which contains a significant element of housing for elderly persons of low income and such elements of other housing, commercial, recreation, 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 income.
(g) “HUD” means the Department of Housing and Urban Development of the United States Government.
(h) “Mortgage Loan” means a loan to be made by the Authority of Farmers Home Administration or the Department of Housing and Urban Development to the Sponsor for the construction and permanent financing of the Housing Development or a mortgage loan insured by HUD.
(i) “Sponsor” means persons or entities which have applied to either the Authority for a Mortgage loan to finance a housing development or to another governmental entity for a federally-aided loan, as defined by the Act.
(j) “Utilities” mean fuel, water, sanitary sewer service and/or electrical service which are paid by the Housing Development.
(Ord. 2000-5. Passed 10-9-00.)