2006 Michigan Compiled Laws - CHAPTER 2 (125.1421...125.1449v)

STATE HOUSING DEVELOPMENT AUTHORITY ACT OF 1966 (EXCERPT)
Act 346 of 1966 Chapter 2

Document	Description
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.
Section 125.1422	Powers of authority.
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.
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.
Section 125.1422c	Subsidiary nonprofit housing corporation.
Section 125.1423	Housing development fund; creation; payments into fund.
Section 125.1424	Housing development fund; advances; grants; transfer of moneys.
Section 125.1424a	Land acquisition and development fund; creation; payment of moneys into fund.
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.
Section 125.1424c	Transfer of moneys to housing development fund or rehabilitation fund.
Section 125.1424d	Rehabilitation fund; creation; jurisdiction; payments.
Section 125.1424e	Rehabilitation fund; use of moneys; allocations or pledges to holders of bonds.
Section 125.1424f, 125.1424g	Repealed. 1985, Act 183, Imd. Eff. Dec. 18, 1985.
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.
Section 125.1426	Bonds and notes; authorization; terms.
Section 125.1427	Notes or bonds; resolution authorizing issuance; contents.
Section 125.1428	Notes and bonds; validity and effect of pledge.
Section 125.1429	Notes and bonds; personal liability of members of authority.
Section 125.1430	Notes and bonds; purchase for cancellation; price.
Section 125.1431	Notes and bonds; liability of state.
Section 125.1432	Capital reserve fund; 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; identification of housing production goals; report to governor and committees; review of loans, financial instruments and lines of credit; confidentiality.
Section 125.1432a	Issuance of bonds to finance single family homes; previous ownership interest; publicizing program; report to legislature.
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; applicability of internal revenue code; exception; retroactive effect of changes in subsections (3) and (4).
Section 125.1432c	Repealed. 1988, Act 496, Eff. Mar. 30, 1989.
Section 125.1432d	Legislative intent.
Section 125.1433	General reserve fund; creation; payments into fund; use of fund.
Section 125.1434	Notes and bonds; pledge and agreement of state.
Section 125.1435	Trustee; default; powers and duties.
Section 125.1436	Trustee; additional powers.
Section 125.1437	Venue.
Section 125.1438	Notes and bonds; notice; declaration, due and payable.
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.
Section 125.1440	Notes and bonds; legal investment.
Section 125.1441	Faith and credit bonds.
Section 125.1442	Property of authority; exempt from taxation.
Section 125.1443	Notes and bonds; exemption from taxation.
Section 125.1443a	Authorization of covenant and consent.
Section 125.1444	Loans; purposes; conditions; amount; eligibility; sales and resales; replacement of mortgage; utilizing labor of prospective purchasers; long-term financing; securing and repaying loans; interest rate; misrepresentation of income.
Section 125.1444a	Rehabilitation loans, grants, or deferred payment loans; eligibility; secured or unsecured loans or grants; insurance; reserve; interest; terms and conditions; rules; maximum principal loan amounts; minimum age of structure.
Section 125.1444b	Loans to mortgage lenders; authorized purchases and commitments; requirements and conditions; report.
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.
Section 125.1444d	Authorized loans; purpose; criteria.
Section 125.1444e	Income eligibility standards applicable to tenant of housing project.
Section 125.1444f	Loan for housing project in effectively treatable area; demonstration of community support; return on investment.
Section 125.1444g	Enforcement of promises or commitments; action to be brought against authority.
Section 125.1445	Preference to displaced persons.
Section 125.1446	Discrimination.
Section 125.1447	Obtaining money, property, or service with intent to defraud or cheat; penalty; determination of total value; prior convictions; prohibited use.
Section 125.1448	Foreclosure procedures applicable to authority.
Section 125.1448a	Jurisdiction to foreclose mortgages and land contracts held by authority.
Section 125.1448b	Other civil actions.
Section 125.1448c	Bringing amount due into court before judgment of sale; dismissal of complaint.
Section 125.1448d	Sale of premises pursuant to circuit court order.
Section 125.1448e	Bringing amount due into court after judgment of sale; stay of proceedings; subsequent default.
Section 125.1448f	Public sale of land by county clerk, deputy county clerk, or other authorized person; hours; location; sale subject to § 600.6091.
Section 125.1448g	Deed of sale; execution; operation; right, title, and interest vested in grantee; recordation; redemption of premises.
Section 125.1448h	Sale proceeds; application to discharge of debt; surplus; interest.
Section 125.1448i	Redemption of premises; effect on deed of sale; affidavit.
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.
Section 125.1448k	Personal liability on land contract or for mortgage debt; original judgment; deficiency; delivery of premises to purchaser; order.
Section 125.1448l	Forfeiture, foreclosure, or specific performance proceedings; minimum price.
Section 125.1448m	Land contract or mortgage debt secured by evidence of debt of person other than vendee or mortgagor; party; court order.
Section 125.1448n	Sale of premises; default subsequent to judgment.
Section 125.1448o	Action to discharge mortgage or land contract; judgment entered by court; contents; minutes; delivery of judgment to authority; recordation of judgment.
Section 125.1448p	Equitable actions.
Section 125.1449	Foreclosure by advertisement.
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.
Section 125.1449b	Notice of sale; publication; posting copy of notice upon premises.
Section 125.1449c	Notice of sale; contents.
Section 125.1449d	Sale of premises at public sale; hours; location; appointed person; highest bidder.
Section 125.1449e	Adjournment of sale; request; notice; oral announcement unnecessary.
Section 125.1449f	Sale of distinct farms, tracts, or lots separately or together.
Section 125.1449g	Purchase of premises by authority or its successor or assign permitted.
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.
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.
Section 125.1449j	Redemption of premises; payment of taxes or insurance premiums; redemption period; fees or charges.
Section 125.1449k	Abandonment of premises; presumption.
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.
Section 125.1449m	Refusal to make and acknowledge certificate of payment; liability; damages; civil action.
Section 125.1449n	Disposition of surplus money remaining after sale of real estate.
Section 125.1449o	Perpetuating evidence of sale; affidavit; endorsement upon or annexation to instrument; references.
Section 125.1449p	Taking and certifying affidavits.
Section 125.1449q	Recording affidavits; presumptive evidence of facts.
Section 125.1449r	Note recording evidence of sale to be made in margin of mortgage record.
Section 125.1449s	Notice of payment to purchaser, agent, or attorney.
Section 125.1449t	Right to enter mortgaged premises to post or serve notices.
Section 125.1449u	Action to recover deficiency judgment against mortgagor; defense; applicability of section.
Section 125.1449v	Foreclosure against residential property not exceeding 4 units and not more than 3 acres; applicability of section.

Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.