For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACT. The State Housing Development Authority Act, being Public Act 346 of 1966, being M.C.L.A. §§ 125.1404 through 125.1499, 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 State Housing Development Authority.
CLASS. The Housing Development known as Venture Willow Haven LDHA LP 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.
FEDERALLY-AIDED MORTGAGE. Any of the following:
(1) A below market interest rate mortgage insured, purchased, or held by the Secretary of the Department of Housing and Urban Development (“HUD”) or United States Department of Agriculture - Rural Development (“USDA-RD”);
(2) A mortgage receiving interest reduction payments provided by the HUD or USDA-RD;
(3) A housing development to which the Authority allocates low income housing tax credits under § 22b of the Act, being M.C.L.A. §§ 125.1404 through 125.1499; or
(4) A mortgage receiving special benefits under other federal law designated specifically to develop low and moderate income housing, consistent with the Act, being M.C.L.A. §§ 125.1404 through 125.1499.
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 of low income. For the purposes of this subchapter, HOUSING DEVELOPMENT means Venture Willow Haven LDHA LP located on the property legally described as: part of the northeast 1/4 of the northwest 1/4 of Section 29, T5N, R6E, City of Linden, Genesee County, Michigan, being more particularly described as follows: commencing at the north 1/4 corner of Section 29; thence north 89°04’22” west, 1,334.51 feet, along the north line of Section 29, thence south, 196.41 feet, along the west 1/8 line of Section 29 to the point of beginning of the parcel to be described, thence south 88°54’00” east, 550.00 feet; thence south, 108.72 feet parallel with the west 1/8 line of Section 29; thence north 88°54’00” west, 161.45 feet; thence south 49°59’54” west, 221.87 feet; thence 87.66 feet along a curve to the right, said curve having a radius of 217.09 feet, a delta angle of 23°08’12” and a chord of north 71°04’02” west, 87.07 feet; thence 145.79 feet along a curve to the left, said curve having a radius of 290.63 feet, a delta angle of 28°44’29” and a chord of north 70°21’29” west, 144.27 feet to the west 1/8 line of Section 29; thence north, 182.92 feet along the west 1/8 line of Section 29 to the point of beginning. Containing 2.20 acres, more or less.
LOW INCOME OR MODERATE INCOME PERSONS. As defined in the Act, being M.C.L.A. §§ 125.1404 through 125.1499, as amended.
SPONSOR. Person(s) or entities which have applied to the Authority for the tax credits to finance a housing development. For the purposes of this subchapter, the SPONSOR is Venture Willow Haven LDHA LP, a state limited partnership.
TAX CREDITS. The low income housing tax credits made available by the Authority to the sponsor for construction of the housing development by the sponsor in accordance with the Low Income Housing Tax Credit Program administered by the Authority under I.R.C., 26 U.S.C. § 42, as amended.
USDA-RD. The United States Department of Agriculture, Rural Services Division.
UTILITIES. Fuel, water, sanitary sewer service, and/or electrical service, which are paid by the housing development.
(Ord. 334, passed 2-13-2012)