(a) “Authority” means the Michigan State Housing Development Authority.
(b) “Act” means the State Housing Development Authority Act, being Public Act 436 of 1966, of the State of Michigan, as amended.
(c) “Annual shelter rent” means the total collections during an agreed annual period from all occupants of a housing development representing rent or occupancy charges.
(d) “Housing development” means a development which contains a significant element of housing for persons of low or moderate 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 and moderate income.
(e) “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.
(f) “Persons of low or moderate income” means persons who meet the eligibility criteria set by the Authority to move into the housing development.
(g) “Sponsor” means the person(s) or entities which have applied to the Authority for a mortgage loan to finance a housing Development and for an allocation under the LIHTC Program and which is qualified to receive a tax exemption under the Act as determined by the Authority.
(h) “Utilities” mean the water, sanitary sewer service, gas, and/or electrical service which are paid by the housing development.
(Res. 2017-408A. Passed 1-3-18.)