For the purposes of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACT. The State Housing Development Authority Act, being M.C.L.A. § 125.1401 et seq., as amended.
ANNUAL SHELTER RENT. The total actual collections during each calendar year from all occupants of a housing development representing rents or occupancy charges, which rental amounts shall be exclusive of charges for gas, electricity, heat, or other utilities furnished to the occupants.
AUTHORITY. The Michigan State Housing Development Authority.
CLASS. The housing development known as Kingsley Arms Apartments for low income or moderate income persons.
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.
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 to improve the quality of the development as it relates to housing for persons for low income. For the purposes of this chapter, HOUSING DEVELOPMENT means Kingsley Arms Apartments located on the property legally described as: Lot 4 through Block 8, Brownson’s Addition No. 2, Village of Kingsley.
LOW INCOME OR MODERATE INCOME PERSONS. Shall be defined as in the Act, as amended, from time to time, and shall include low income or moderate income families and the elderly.
SPONSOR. Person(s) or entities which have applied to the Authority for the tax credits to finance a housing development provides housing for low income and moderate income persons and is financed or assisted by the Authority pursuant to the Act.
TAX CREDITS. The low income housing tax credits made available by the Authority to the Sponsor for rehabilitation of the housing development by the sponsor in accordance with the Low Income Tax Housing Tax Credit Program administered by the Authority under § 42 of the Internal Revenue Code of 1986, as amended.
UTILITIES. Fuel, water, sanitary sewer service and/or electric service, which are paid by the housing development.
(Ord. 05 10-07, passed 10-1-2007)