Michigan Laws 125.1424c – Transfer of moneys to housing development fund or rehabilitation fund
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Terms Used In Michigan Laws 125.1424c
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Fund: means the housing development fund created by this act. See Michigan Laws 125.1411
- Housing development: means a development that contains a significant element of housing for persons of low or moderate income and elements of other housing and commercial, recreational, industrial, communal, and educational facilities that the authority determines improve the quality of the development as it relates to housing for persons of low or moderate income. See Michigan Laws 125.1411
- Rehabilitation: means all or part of those repairs and improvements necessary to make residential real property safe, sanitary, or adequate. See Michigan Laws 125.1411
The authority may transfer the moneys held in the land acquisition and development fund to the housing development fund or to the rehabilitation fund in amounts the authority determines necessary.