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, as amended, of the State of Michigan, being M.C.L.A. §§ 125.1401 et seq.
CONTRACT RENTS. Total amount of rent payable to an owner under a Housing Assistance Payments Contract with the United States Department of Housing and Urban Development, including the portion of the rent payable by a tenant in a housing development covered by the housing assistance payments contract. Contract rents are defined in 24 C.F.R. § 881 and provisions for contract rent automatic annual adjustment are contained in 24 C.F.R. § 888.
HOUSING DEVELOPMENT. The housing project proposed by the sponsor for construction and operation of housing for persons of low income. The project shall be divided into two portions, one for elderly and one for family. The housing development shall be known as Suntree and located at South US 27, St. Johns, Michigan.
HUD. The United States Department of Housing and Urban Development.
MORTGAGE LOANS. Loans obtained by the sponsor for the construction and permanent financing of the housing development from MSHDA and federally assisted by HUD through housing assistance payments or similar subsidy payments.
MSHDA. Michigan State Housing Development Authority.
SPONSOR. Suntree - Oxford Associates, Limited Dividend Housing Association, a Michigan Limited Partnership.
UTILITY COSTS. Amounts paid for fuel, water, sanitary and storm sewer and/or electrical service utilized by the Housing Development.
(1990 Code, § 1.231)