All terms not herein defined shall have the meanings given them in the State Housing Development Authority Act of 1966, being Public Act 346 of 1966, of the State of Michigan, as amended.
“Act” means the State Housing Development Authority Act, being Michigan Public Act 346 of 1966, as amended.
“Annual Shelter Rent” means 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” means the Michigan State Housing Development Authority (MSHDA).
“Housing Development” means a development that 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” means a loan to be made by the Authority to the Sponsor for the construction and/or permanent financing of the housing development.
“Sponsor” means person(s) or entities that have applied to the Authority for a mortgage loan or for an allocation under the low income housing tax credit program to finance a housing development.
“Utilities” mean fuel, water, sanitary sewer service, and/or electrical service that are paid by the housing development. (Ord. 0-04-03, 12-20-04)