Michigan Laws 125.2702 – Definitions
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As used in this act:
(a) “Administrator” means a local governmental unit, or a nonprofit community organization under contract with a local governmental unit.
Terms Used In Michigan Laws 125.2702
- Applicant: means an individual and the spouse of that individual if that spouse intends to occupy the property with the individual. See Michigan Laws 125.2702
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Local governmental unit: means a county, city, village, or township. See Michigan Laws 125.2702
- Nonprofit community organization: means an organization exempt from taxation under section 501(c)(3) of the internal revenue code of 1986 with experience in housing issues and that contracts with a local governmental unit to administer an urban homestead program under this act. See Michigan Laws 125.2702
(b) “Applicant” means an individual and the spouse of that individual if that spouse intends to occupy the property with the individual.
(c) “Local governmental unit” means a county, city, village, or township.
(d) “Nonprofit community organization” means an organization exempt from taxation under section 501(c)(3) of the internal revenue code of 1986 with experience in housing issues and that contracts with a local governmental unit to administer an urban homestead program under this act.
(e) “Qualified buyer” means an applicant who meets the criteria in section 4.
(f) “Qualified loan rate” means an interest rate not to exceed the adjusted prime rate determined in section 23 of 1941 PA 122, MCL 205.23, minus 1 percentage point as determined by the department of treasury.