Michigan Laws 324.20108b – Revitalization revolving loan program
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Terms Used In Michigan Laws 324.20108b
- Department: means the director or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.20101
- Fund: means the cleanup and redevelopment fund established in section 20108. See Michigan Laws 324.20101
(1) The department shall create a revitalization revolving loan program for the purpose of making loans to certain local units of government to provide for eligible activities at certain properties in order to promote economic redevelopment.
(2) Loan funds from the revitalization revolving loan program created in subsection (1) shall be issued for the purposes provided in and utilizing the criteria provided in section 19608a through 19613.
(3) Loan payments and interest shall be deposited back into the revitalization revolving loan fund created in section 20108a.