Michigan Laws 125.1458 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 125.1458
- Adjacent neighborhood: means a residential area as determined by the authority immediately adjoining or near a downtown area within the same municipality. See Michigan Laws 125.1458
- Adjusted household income: means that term as defined in rules of the authority. See Michigan Laws 125.1458
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Downtown area: means an area where 20 or more contiguous properties have been planned, zoned, or used for commercial purposes for 50 or more years and where a majority of the buildings are built adjacent to each other as determined by the authority and up to the public right-of-way. See Michigan Laws 125.1458
- Fund: means the Michigan housing and community development fund created in section 58a. See Michigan Laws 125.1458
- Mixed use buildings: means buildings that can be used for more than 1 purpose, and in any combination, including, but not limited to, residential housing combined with either commercial or retail space. See Michigan Laws 125.1458
- Municipality: means a city, village, or township in this state. See Michigan Laws 125.1411
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Project: means those activities defined under section 58c. See Michigan Laws 125.1458
(1) The definitions in section 11 apply to this chapter unless otherwise provided in this chapter.
(2) As used in this chapter:
(a) “Adjacent neighborhood” means a residential area as determined by the authority immediately adjoining or near a downtown area within the same municipality.
(b) “Adjusted household income” means that term as defined in rules of the authority.
(c) “Downtown area” means an area where 20 or more contiguous properties have been planned, zoned, or used for commercial purposes for 50 or more years and where a majority of the buildings are built adjacent to each other as determined by the authority and up to the public right-of-way. In order to be a downtown area, the area shall contain a significant number of multilevel, mixed use buildings and property in the downtown area must be owned by more than 3 private owners.
(d) “Eligible applicant” means a not-for-profit corporation, a for-profit corporation, a municipality, a land bank fast track authority organized under the land bank fast track act, 2003 PA 258, MCL 124.751 to 124.774, or a partnership that is approved by the authority and that is organized for the purpose of developing and supporting affordable housing for low income, very low income, or extremely low income households or projects located in a downtown area or adjacent neighborhood.
(e) “Extremely low income household” means a person, a family, or unrelated persons living together whose adjusted household income is not more than 30% of the area median income, as determined by the authority.
(f) “Fund” means the Michigan housing and community development fund created in section 58a.
(g) “Low income household” means a person, a family, or unrelated persons living together whose adjusted household income is more than 50% but not more than 60% of the area median income, as determined by the authority.
(h) “Mixed use buildings” means buildings that can be used for more than 1 purpose, and in any combination, including, but not limited to, residential housing combined with either commercial or retail space.
(i) “Multifamily housing” means a building or buildings providing housing to 2 or more households, none of which is owner occupied.
(j) “Project” means those activities defined under section 58c.
(k) “Supportive housing” means a rental housing project in which some or all of the units are targeted to people with household incomes at or below 30% of area median income and that provide services, either directly or contracted for, to those people that include, but are not limited to, mental health, substance abuse services, counseling services, and daily living services.
(l) “Very low income household” means a person, a family, or unrelated persons living together whose adjusted household income is not more than 50% of the area median income, as determined by the authority.