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 utilities as defined in this Section, which are furnished to and used by the occupants.
"Authority" means the Michigan State Housing Development Authority (MSHDA).
"Commitment for Low Income Housing Tax Credits (LIHTC's)" means the commitment for the tax credits allocated by the Authority to the sponsor under provisions of Section 42(m)(1)(A) of the Internal Revenue Code of 1986, as amended.
"Low or Moderate Income Families" means families who cannot afford to pay the amounts at which private enterprise, without federally-aided mortgages or loans from the Authority, is providing a substantial supply of decent, safe and sanitary housing and who fall within income limitations set in the Act or by the Authority in its rules.
"Mortgage Loan" means the assumption of the existing mortgage loans and only the initial supplemental loan to be made by the U.S. Department of Agriculture, Rural Development Program to the Sponsor for the construction, renovation and/or long-term financing of the Housing Development.
"Multi-Family Existing Housing Development" means the rental housing development that contains the forty-eight (48) units of housing for low and moderate income families and such other elements of housing, commercial, recreational, communal and educational facilities that the City may subsequently approve and that the developer determines necessary to maintain the quality of the development for its stated purpose.
"Sponsor" means the "Meadow Hills Limited Dividend Housing Association-Limited Partnership," also known as the "Meadow Hills LDHA-LP" for short, a Michigan-limited partnership, which has received a commitment from the Authority for a LIHTC allocation and both the assumption of existing Mortgage Loans and the approval for an initial supplemental loan from the USDA Rural Development program.
"Taxing Jurisdiction" means a municipality, county or district, including a school district or any special district having the power to levy or collect ad valorem taxes upon real or personal property or in whose behalf taxes may be levied or collected.
"Utilities" mean only those essential for heating/cooling fuel, water, sanitary sewer service and/or electrical service that are paid by the Housing Development and used by the family occupants. The definition of "utilities" hereby excludes all other utilities or services including, but not limited to, video/audio, data, computer, Internet, telephone, television or radio services received via any electronic, mechanical or other means (cable, satellite or wireless and all others now or in the future.) (Ord. O-07-06, 11-19-07)