Michigan Compiled Laws 346-1966-2 Chapter 2 (125.1421...125.1449v)

• Section 125.1421 Michigan State Housing Development Authority; Creation; Composition; Appointment, Qualifications, And Terms Of Members; Vacancy; Expenses; Certificate Of Appointment Or Reappointment; Designated Resident Members; Powers Vested In Members; Quorum; Actions Of Authority; Findings Of Fact; Meetings; Chairperson And Vice-chairperson; Officers, Agents, And Employees; Delegation Of Powers And Duties; Relationship To Department Of Consumer And Industry Services; “section 8” Defined.
  (1) There is created a public body corporate and politic to be known as the “Michigan state housing development authority”. The authority shall consist...
• Section 125.1422 Powers Of Authority.
  The authority possesses all powers necessary or convenient to carry out this act, including the following powers in addition to other powers granted by...
• Section 125.1422a Rehabilitation Of Residential Real Or Rental Property; Loans, Grants, Or Deferred Payment Loans To Persons And Families Of Low And Moderate Income; Loans To Persons In Areas Of Chronic Economic Stress And To Persons Located Elsewhere In State; Powers Of Authority; Participation Or Cooperation With Governing Bodies, Private Organizations, Or Public Organizations; Plan; Selection Of Neighborhoods.
  (1) In addition to the powers described in section 22, the authority may purchase, make, or otherwise participate in the making and may enter...
• Section 125.1422b Designation Of Authority As Housing Credit Agency; Purpose; Amount Of Housing Credit Ceiling; Qualification Of Applicant; Allocation Plan; Distribution; Setting Aside Allocable Amounts; Reapportionment Of Unallocated Credit Amounts; Applications For Low Income Housing Tax Credit; Fees; “rural Housing Projects” Defined.
  (1) The authority is designated as the housing credit agency for the state for the purpose of allocating and administering the low income housing...
• Section 125.1422c Subsidiary Nonprofit Housing Corporation.
  (1) The authority may incorporate 1 or more nonprofit housing corporations for 1 or more of the following purposes: (a) Owning, holding, maintaining, improving,...
• Section 125.1422d Investments.
  (1) In addition to the powers described in section 22(n), the authority may, in its discretion, invest money held in reserve or sinking funds,...
• Section 125.1423 Housing Development Fund; Creation; Payments Into Fund.
  (1) There is created and established under the jurisdiction and control of the authority a revolving fund to be known as the “housing development...
• Section 125.1424 Housing Development Fund; Advances; Grants; Transfer Of Moneys.
  (1) The authority may use the moneys held in the fund to make interest-bearing or noninterest-bearing advances, in compliance with this act, to nonprofit...
• Section 125.1424a Land Acquisition And Development Fund; Creation; Payment Of Moneys Into Fund.
  (1) A fund to be known as the “land acquisition and development fund” is created and established under the jurisdiction and control of the...
• Section 125.1424b Land Acquisition And Development Fund; Use Of Moneys; Acquisition And Exchange Of Real Property; Improvements To Real Property; Costs; Conveyance Of Real Property.
  (1) The authority may use the money held in the land acquisition and development fund to lease, acquire, or contract to acquire real property...
• Section 125.1424c Transfer Of Moneys To Housing Development Fund Or Rehabilitation Fund.
  The authority may transfer the moneys held in the land acquisition and development fund to the housing development fund or to the rehabilitation fund...
• Section 125.1424d Rehabilitation Fund; Creation; Jurisdiction; Payments.
  (1) A fund to be known as the “rehabilitation fund” is created and established under the jurisdiction and control of the authority. (2) The...
• Section 125.1424e Rehabilitation Fund; Use Of Moneys; Allocations Or Pledges To Holders Of Bonds.
  (1) The authority may use moneys in the rehabilitation fund either separately or in conjunction with other moneys available to the authority to make,...
• Section 125.1424f Recapture Tax Fund; Creation; Establishment; Payment; Use.
  (1) There is created and established under the jurisdiction and control of the authority a fund to be known as the recapture tax fund....
• Section 125.1424g Repealed. 1985, Act 183, Imd. Eff. Dec. 18, 1985.
  Compiler's Notes: The repealed section pertained to conversion condominium loans and funds.
• Section 125.1425 Bonds And Notes; Issuance; Purposes; Issuing Renewal Notes, Bonds To Pay Notes And Refunding Bonds; Notes Or Bonds As General Obligations And Negotiable Instruments; Revised Municipal Finance Act Inapplicable; Issuance Subject To Agency Financing Reporting Act.
  (1) The authority may issue its negotiable bonds and notes in a principal amount, which in the opinion of the authority shall be necessary...
• Section 125.1426 Bonds And Notes; Authorization; Terms.
  The notes and bonds shall be authorized by resolution of the members of the authority; shall bear such date or dates, and shall mature...
• Section 125.1427 Notes Or Bonds; Resolution Authorizing Issuance; Contents.
  Any resolution authorizing any notes or bonds or any issue of notes or bonds may contain provisions, which shall be a part of the...
• Section 125.1428 Notes And Bonds; Validity And Effect Of Pledge.
  Any pledge made by the authority shall be valid and binding from the time when the pledge is made; the moneys or property so...
• Section 125.1429 Notes And Bonds; Personal Liability Of Members Of Authority.
  Neither the members of the authority nor any person executing the notes or bonds shall be liable personally on the notes or bonds or...
• Section 125.1430 Notes And Bonds; Purchase For Cancellation; Price.
  (1) Except as provided in subsection (2), and subject to such agreements with noteholders or bondholders as may then exist, the authority shall have...
• Section 125.1431 Notes And Bonds; Liability Of State.
  The state shall not be liable on notes or bonds of the authority and such notes and bonds shall not be a debt of...
• Section 125.1432 Capital Reserve Fund; Definitions; Federal Housing Subsidy Programs; Recommendations; Priority; Program Of Loans For Mobile Homes; Program Of Loans For Consumer Housing Cooperatives; Notice Of Public Hearing Or Proposed Rule Change; Rules; Identification Of Housing Production Goals; Report To Governor And Committees; Review Of Loans, Financial Instruments, And Lines Of Credit; Confidentiality.
  (1) The authority may create and establish 1 or more special funds called capital reserve funds to secure notes and bonds of the authority....
• Section 125.1432a Issuance Of Bonds To Finance Single Family Homes; Previous Ownership Interest; Publicizing Program; Report To Legislature; Section Inapplicable To Refinancing Single Family Homes.
  With respect to bonds, other than refunding bonds, issued to finance single family homes after November 1, 1989, for the first 60 days following...
• Section 125.1432b Mortgage Credit Certificate Program; Authority Designated As Administrator; Guidelines; Qualifying For Receipt Of Mortgage Credit Certificate; Adaptation Of Property For Use By Disabled Individuals; Family Income Limits; Applicability Of Internal Revenue Code; Exception; Retroactive Effect Of Changes In Subsections (3) And (4).
  (1) The authority is designated as the administrator of the mortgage credit certificate program for this state permitted under section 25 of the internal...
• Section 125.1432c Repealed. 1988, Act 496, Eff. Mar. 30, 1989.
  Compiler's Notes: The repealed section pertained to allocation to authority from state's unified volume limitation and to reallocation to municipalities.
• Section 125.1432d Legislative Intent.
  The legislature intends that the authority explore the possibility of reducing the cost of financing multifamily housing projects through the issuance of variable rate...
• Section 125.1433 General Reserve Fund; Creation; Payments Into Fund; Use Of Fund.
  The authority shall create and establish a special fund, referred to as general reserve fund, and, subject to agreements with bondholders and noteholders, shall...
• Section 125.1434 Notes And Bonds; Pledge And Agreement Of State.
  The state pledges and agrees with the holders of any notes or bonds issued under this act, that the state will not limit or...
• Section 125.1435 Trustee; Default; Powers And Duties.
  (1) If the authority defaults in the payment of principal of or interest on any issue of notes or bonds after the same shall...
• Section 125.1436 Trustee; Additional Powers.
  The trustee, in addition to the powers granted in section 35, shall have and possess all of the powers necessary or appropriate for the...
• Section 125.1437 Venue.
  The venue of any such action or proceeding shall be in the county of Ingham. History: 1966, Act 346, Eff. Mar. 10, 1967
• Section 125.1438 Notes And Bonds; Notice; Declaration, Due And Payable.
  Before declaring the principal of notes or bonds due and payable, the trustee shall first give 30 days' notice in writing to the governor,...
• Section 125.1439 Money Of Authority; Deposit; Security For Deposits; Contracts With Holders Of Notes Or Bonds; Security For Money Held In Trust; System Of Accounts; Spending For Operating Purposes; Periodic Audits; Copies.
  (1) Money of the authority shall be held by the authority and deposited in a bank, national banking association, or a savings and loan...
• Section 125.1440 Notes And Bonds; Legal Investment.
  The notes and bonds of the authority are securities in which all public officers and bodies of this state and all municipalities and municipal...
• Section 125.1441 Faith And Credit Bonds.
  The authority from time to time at its discretion may recommend an issuance of faith and credit bonds to the legislature for a vote...
• Section 125.1442 Property Of Authority; Exempt From Taxation.
  The property of the authority and its income and operation shall be exempt from all taxation by the state or any of its political...
• Section 125.1443 Notes And Bonds; Exemption From Taxation.
  The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the authority, in consideration of the...
• Section 125.1443a Authorization Of Covenant And Consent.
  The authority may covenant and consent in any resolution authorizing the issuance of notes or bonds that such notes or bonds shall be treated...
• Section 125.1444 Loans; Purposes; Conditions; Amount; Eligibility; Sales And Resales; Long-term Financing Or Refinancing; Securing And Repaying Loans; Interest Rate; Misrepresentation Of Income; Time Period For Refinancing; Loans For Newly Rehabilitated, Newly Constructed, Or Existing 1- To 4-unit Housing Units; Definitions.
  (1)(a) The authority may make loans to a nonprofit housing corporation, consumer housing cooperative, limited dividend housing corporation, limited dividend housing association, mobile home...
• Section 125.1444a Rehabilitation Loans, Grants, Or Deferred Payment Loans; Eligibility; Secured Or Unsecured Loans Or Grants; Insurance; Reserve; Interest; Terms And Conditions; Rules; Persons And Families Of Low And Moderate Income; Maximum Principal Loan Amounts; Minimum Age Of Structure.
  (1) The authority may make, purchase, or participate in loans, grants, or deferred payment loans to persons and families of low and moderate income...
• Section 125.1444b Loans To Mortgage Lenders; Authorized Purchases And Commitments; Requirements And Conditions; Report.
  (1) The authority may make and contract to make loans to mortgage lenders, and may purchase and enter into commitments for the purchase of...
• Section 125.1444c Use Of Proceeds Of Notes Or Bonds; Qualification As Rehabilitation; Establishment Of Higher Income Limits; Eligibility For Occupancy; Application; Issuance Of 6-month Commitment To Loan Funds; Limitation On Outstanding Loan Commitments; Fees; Direct Or Indirect Loan; Sale, Refinancing, Or Resyndication; Allowable Distributions; Report To Authority; Authority-aided Mortgage; Monitoring Compliance; Remedies; Regulation; Liability; Priority Consideration; Unified Volume Cap Not As Impairment; Student Housing Project.
  (1) If the resolution authorizing the issuance of notes or bonds provides that the notes or bonds are limited and not general obligations of...
• Section 125.1444d Authorized Loans; Purpose; Criteria.
  (1) The authority may make loans to any nonprofit housing corporation, consumer housing cooperative, limited dividend housing corporation, limited dividend housing association, mobile home...
• Section 125.1444e Income Eligibility Standards Applicable To Tenant Of Housing Project.
  Income eligibility standards applicable to a tenant of a housing project financed under this act shall be complied with at the time of the...
• Section 125.1444f Loan For Housing Project In Effectively Treatable Area; Demonstration Of Community Support; Return On Investment.
  (1) The authority may make a loan to any person or entity, whether for profit or not for profit, for predevelopment costs, or for...
• Section 125.1444g Enforcement Of Promises Or Commitments; Action To Be Brought Against Authority.
  An action shall not be brought against the authority to enforce any of the following promises or commitments of the authority unless the promise...
• Section 125.1445 Preference To Displaced Persons.
  Among low income or moderate income persons, preference shall be given to those displaced by urban renewal, slum clearance, or other governmental action. History:...
• Section 125.1446 Discrimination.
  The authority shall require that occupancy of housing projects and residential real property assisted under this act shall be open to all regardless of...
• Section 125.1447 Obtaining Money, Property, Or Service With Intent To Defraud Or Cheat; Penalty; Determination Of Total Value; Prior Convictions; Prohibited Use.
  (1) A person who, with intent to defraud or cheat, designedly by false pretense, including any false statement or representation, obtains money, real or...
• Section 125.1448 Foreclosure Procedures Applicable To Authority.
  In addition to other procedures and remedies which may otherwise be available to the authority, the foreclosure procedures set forth in sections 48a to...
• Section 125.1448a Jurisdiction To Foreclose Mortgages And Land Contracts Held By Authority.
  The circuit court has jurisdiction to foreclose mortgages of real estate and land contracts held by the authority. History: Add. 1981, Act 173, Imd....
• Section 125.1448b Other Civil Actions.
  (1) If a judgment has been obtained in any other civil action for the money, or part thereof, demanded in the complaint in an...
• Section 125.1448c Bringing Amount Due Into Court Before Judgment Of Sale; Dismissal Of Complaint.
  Whenever a complaint is filed for the satisfaction or foreclosure of any mortgage on real estate or land contract held by the authority, upon...
• Section 125.1448d Sale Of Premises Pursuant To Circuit Court Order.
  Whenever a complaint is filed for the foreclosure or satisfaction of any mortgage on real estate or land contract held by the authority, the...
• Section 125.1448e Bringing Amount Due Into Court After Judgment Of Sale; Stay Of Proceedings; Subsequent Default.
  If, after a judgment of sale is entered against him or her, the defendant brings into court the principal and interest due with costs,...
• Section 125.1448f Public Sale Of Land By County Clerk, Deputy County Clerk, Or Other Authorized Person; Hours; Location; Sale Subject To Mcl 600.6091.
  All sales of land on foreclosure of a land contract or mortgage on real estate held by the authority shall be made by the...
• Section 125.1448g Deed Of Sale; Execution; Operation; Right, Title, And Interest Vested In Grantee; Recordation; Redemption Of Premises.
  (1) The person making the sale shall execute deeds specifying the names of the parties in the action, the date of the land contract...
• Section 125.1448h Sale Proceeds; Application To Discharge Of Debt; Surplus; Interest.
  (1) The proceeds of every sale under a judgment shall be applied to the discharge of the debt adjudged by the court to be...
• Section 125.1448i Redemption Of Premises; Effect On Deed Of Sale; Affidavit.
  (1) The mortgagor, the mortgagor's heirs, executors, administrators, or any person lawfully claiming under the mortgagor or the mortgagor's heirs, executors, or administrators may...
• Section 125.1448j Adding Property Tax And Insurance Premium Payments Made After Foreclosure To Amount Due In Judgment; Determination Of Additional Liability; Affidavits; Receipt; Redemption.
  The court may make provision in any judgment of foreclosure for the adding to the amount determined in the judgment to be due, any...
• Section 125.1448k Personal Liability On Land Contract Or For Mortgage Debt; Original Judgment; Deficiency; Delivery Of Premises To Purchaser; Order.
  In the original judgment in foreclosure cases the court shall determine and adjudge which defendants, if any, are personally liable on the land contract...
• Section 125.1448l Forfeiture, Foreclosure, Or Specific Performance Proceedings; Minimum Price.
  In any forfeiture, foreclosure, or specific performance case based upon a mortgage on real estate or land contract held by the authority, the court...
• Section 125.1448m Land Contract Or Mortgage Debt Secured By Evidence Of Debt Of Person Other Than Vendee Or Mortgagor; Party; Court Order.
  If the land contract or mortgage debt is secured by the obligation or other evidence of debt of any other person besides the vendee...
• Section 125.1448n Sale Of Premises; Default Subsequent To Judgment.
  (1) If the defendant does not bring into the court the amount due, with costs, or if for any other cause a judgment is...
• Section 125.1448o Action To Discharge Mortgage Or Land Contract; Judgment Entered By Court; Contents; Minutes; Delivery Of Judgment To Authority; Recordation Of Judgment.
  (1) When a recorded mortgage on real property or land contract held by the authority has been paid or satisfied or when 15 years...
• Section 125.1448p Equitable Actions.
  Actions under sections 48a to 48o are equitable in nature. History: Add. 1981, Act 173, Imd. Eff. Dec. 10, 1981
• Section 125.1449 Foreclosure By Advertisement.
  Every mortgage of real estate held by the authority which contains a power of sale, upon default being made in any condition of such...
• Section 125.1449a Right Of Authority To Give Notice And Make Foreclosure; Conditions; Mortgage Securing Payment Of Money By Installments; Installment As Separate And Independent Mortgage; Foreclosure And Redemption.
  (1) To entitle the authority to give a notice as prescribed in sections 49b and 49c, and to make such foreclosure, all of the...
• Section 125.1449b Notice Of Sale; Publication; Posting Copy Of Notice Upon Premises.
  Notice that the mortgage held by the authority will be foreclosed by a sale of the mortgaged premises, or some part of them, shall...
• Section 125.1449c Notice Of Sale; Contents.
  Every notice required under section 49 shall specify all of the following: (a) The names of the mortgagor and of the mortgagee, and the...
• Section 125.1449d Sale Of Premises At Public Sale; Hours; Location; Appointed Person; Highest Bidder.
  The sale shall be at public sale, between the hours of 9 a.m. and 4 p.m., at the place of holding the circuit court...
• Section 125.1449e Adjournment Of Sale; Request; Notice; Oral Announcement Unnecessary.
  The sale may be adjourned from time to time, by the sheriff or other officer or person appointed to make such sale at the...
• Section 125.1449f Sale Of Distinct Farms, Tracts, Or Lots Separately Or Together.
  If the mortgaged premises consist of distinct farms, tracts, or lots not occupied as 1 parcel, they shall be sold separately, and no more...
• Section 125.1449g Purchase Of Premises By Authority Or Its Successor Or Assign Permitted.
  The authority or its successor or assign, may fairly and in good faith, purchase the premises so advertised, or any part thereof, at such...
• Section 125.1449h Deed; Execution, Acknowledgment, And Delivery By Officer Or Person Making Sale; Separate Deeds Where Lands Situated In Several Counties; Endorsement, Recordation, And Indexation Of Deed By Register Of Deeds; Redemption.
  The officer or person making the sale shall forthwith execute, acknowledge, and deliver, to each purchaser a deed of the premises bid off by...
• Section 125.1449i Deed; Right, Title, And Interest Vested In Grantee; Record Of Deed Valid Without Re-recordation; Effect Of Sale On Valid Subsisting Lien Created Before Mortgage Lien Took Effect.
  Unless the premises described in such deed shall be redeemed within the time limited for such redemption as provided in section 49j, such deed...
• Section 125.1449j Redemption Of Premises; Payment Of Taxes Or Insurance Premiums; Redemption Period; Fees Or Charges.
  (1) If the mortgagor, the mortgagor's heirs, executors, administrators, or any person lawfully claiming under the mortgagor or the mortgagor's heirs, executors, or administrators,...
• Section 125.1449k Abandonment Of Premises; Presumption.
  For purposes of sections 49 to 49u, abandonment of premises shall be conclusively presumed upon satisfaction of all of the following requirements: (a) Within...
• Section 125.1449l Payment Of Entire Sum Bid At Sale, Interest, And Fee, Or Delivery Of Certificate Of Payment To Register; Destruction Of Deed; Memoranda.
  Upon the payment of the entire sum bid at such sale, and interest on the entire sum bid, and the fee of $5.00 mentioned...
• Section 125.1449m Refusal To Make And Acknowledge Certificate Of Payment; Liability; Damages; Civil Action.
  If any person entitled to receive such redemption moneys, shall, upon payment or tender thereof to him or her, refuse to make and acknowledge...
• Section 125.1449n Disposition Of Surplus Money Remaining After Sale Of Real Estate.
  If after any sale of real estate, made as prescribed in sections 49 to 49v, the officer or other person making the sale has...
• Section 125.1449o Perpetuating Evidence Of Sale; Affidavit; Endorsement Upon Or Annexation To Instrument; References.
  (1) A party desiring to perpetuate the evidence of a sale made pursuant to sections 49 to 49v, may procure 1 or more of...
• Section 125.1449p Taking And Certifying Affidavits.
  The affidavits specified in section 49o may be taken and certified by any officer authorized by law to administer oaths. History: Add. 1981, Act...
• Section 125.1449q Recording Affidavits; Presumptive Evidence Of Facts.
  Such affidavits shall be recorded at length by the register of deeds of the county in which the premises are situated, in a book...
• Section 125.1449r Note Recording Evidence Of Sale To Be Made In Margin Of Mortgage Record.
  A note referring to the page and book where the evidence of any sale having been made under a mortgage, is recorded, shall be...
• Section 125.1449s Notice Of Payment To Purchaser, Agent, Or Attorney.
  Upon the payment of the entire sum bid at such sale, and the interest thereon and expenses, as mentioned in section 49j, to the...
• Section 125.1449t Right To Enter Mortgaged Premises To Post Or Serve Notices.
  Incident to the foreclosure of a mortgage pursuant to sections 49 to 49v, the authority or its agents or assigns may enter the mortgaged...
• Section 125.1449u Action To Recover Deficiency Judgment Against Mortgagor; Defense; Applicability Of Section.
  If, in the foreclosure of a mortgage by advertisement under this section and sections 49 to 49v, a sale of real property has been...
• Section 125.1449v Foreclosure Against Residential Property Not Exceeding 4 Units And Not More Than 3 Acres; Applicability Of Section.
  (1) For purposes of this chapter, if foreclosure proceedings have been commenced under this chapter against residential property not exceeding 4 units and not...

Last modified: October 10, 2016