All terms shall be defined as set forth in the State Housing Development Authority Act of 1966, of the State of Michigan, as amended, except as follows:
ACT. The State Housing Development Authority Act, being Public Act 346 of 1966, of the State of Michigan, as amended.
ANNUAL SHELTER RENT. The total collections during a calendar year from all occupants of a housing development representing rent for occupancy charges, exclusive of charges for gas, electricity, heat or other utilities furnished to the occupants.
AUTHORITY. The Michigan State Housing Development Authority.
HOUSING DEVELOPMENT. A development which 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 persons of low income.
ELDERLY. A single person who is 62 years of age or older or a household in which at least one member is 62 years of age.
MORTGAGE LOAN. A loan to be made by the authority or Farmers Home Administration or the Department of Housing and Urban Development to the sponsor for the construction and permanent financing the housing development or a mortgage loan insured by HUD.
PERSONS OF LOW INCOME. Persons and families eligible to move into a housing development.
SPONSOR. Persons or entities which have applied to 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.
UTILITIES. Fuel, water, sanitary sewer and electrical service which are paid by the housing development.
(Ord. 297, passed 6-2-08)