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 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. The Michigan State Housing Development Authority.
CONTRACT RENTS. As defined by the U.S. Department of Housing and Urban Development in regulations promulgated pursuant to the U.S. Housing Act of 1937, as amended.
ELDERLY. Those persons 62 years of age and older; the defined class to which this chapter applies. Individuals may also be handicapped or disabled.
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 housing for persons of low income.
MORTGAGE LOAN. A loan to be made by the authority to the sponsor for the construction and/or permanent financing of the Housing Development.
SPONSOR. Person(s) or entities which have applied to the authority for a mortgage loan to finance a housing development.
UTILITIES. Fuel, water, sanitary sewer service and/or electrical service which are paid by the Housing Development.
(Ord. 20, passed 6-16-98; Ord. 20A, passed 8-5-98)