reglab/housing_qa huggingface dataset:
MI Comp L § 125.1423 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1423 - Housing Development Fund; Creation; Payments Into Fund.

125.1423 Housing development fund; creation; payments into fund. Sec. 23.  (1) There is created and established under the jurisdiction and control of the authority a revolving fund to be known as the "housing development fund".  (2) There shall be paid into the housing development fund (a) any moneys appropriated and made available by the state for the purposes of the fund; (b) any moneys which the authority receives in repayment of advances made from the fund, and (c) any other moneys which may be made available to the authority for the purpose of the fund from any other source or sources. History: 1966, Act 346, Eff. Mar. 10, 1967
MI Comp L § 125.1424a (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1424a - Land Acquisition and Development Fund; Creation; Payment of Moneys Into Fund.

125.1424a Land acquisition and development fund; creation; payment of moneys into fund. Sec. 24a.  (1) A fund to be known as the "land acquisition and development fund" is created and established under the jurisdiction and control of the authority.  (2) There shall be paid into the land acquisition and development fund: any moneys appropriated and made available by the state for the purposes of this fund; any moneys which the authority receives from the sale or rental of real property purchased by the authority with moneys from this fund; and any other moneys which may be made available to or by the authority and designated by the authority for the purpose of this fund from any other source including unpledged accumulated fees and charges and unpledged interest income of the authority. As used in this section, "real property" means an interest, including fee or leasehold interest, in land or improvements to land or a portion thereof.  History: Add. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977
MI Comp L § 125.1424c (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1424c - Transfer of Moneys to Housing Development Fund or Rehabilitation Fund.

125.1424c Transfer of moneys to housing development fund or rehabilitation fund. Sec. 24c.  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. History: Add. 1976, Act 410, Imd. Eff. Jan. 9, 1977 ;-- Am. 1977, Act 130, Imd. Eff. Oct. 25, 1977
MI Comp L § 125.1424d (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1424d - Rehabilitation Fund; Creation; Jurisdiction; Payments.

125.1424d Rehabilitation fund; creation; jurisdiction; payments. Sec. 24d.  (1) A fund to be known as the "rehabilitation fund" is created and established under the jurisdiction and control of the authority.   (2) The following shall be paid into the rehabilitation fund:  (a) Moneys appropriated and made available by the state for the purposes of the rehabilitation fund.   (b) Other moneys which may be made available to or by the authority and designated by the authority for the purposes of the rehabilitation fund. History: Add. 1977, Act 130, Imd. Eff. Oct. 25, 1977
MI Comp L § 125.1424e (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1424e - Rehabilitation Fund; Use of Moneys; Allocations or Pledges to Holders of Bonds.

125.1424e Rehabilitation fund; use of moneys; allocations or pledges to holders of bonds. Sec. 24e.  (1) The authority may use moneys in the rehabilitation fund either separately or in conjunction with other moneys available to the authority to make, purchase, or otherwise participate in loans, grants, or deferred payment loans authorized pursuant to section 44a.  (2) The authority may use the moneys in the rehabilitation fund to make loans or grants to local communities in amounts the authority determines are necessary for planning for or implementing programs of residential rehabilitation involving loans, grants, or deferred payment loans to persons and families of low and moderate income.  (3) The authority may use money in the rehabilitation fund to pay for costs incurred by the authority in planning for or implementing a program of residential rehabilitation.   (4) Money in the rehabilitation fund and money received in repayment of loans, grants, and deferred payment loans made from the rehabilitation fund may be allocated or pledged to the holders of bonds and notes issued in connection with a rehabilitation loan program of the authority. History: Add. 1977, Act 130, Imd. Eff. Oct. 25, 1977 ;-- Am. 1978, Act 192, Imd. Eff. June 4, 1978
MI Comp L § 125.1424f (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1424f - Recapture Tax Fund; Creation; Establishment; Payment; Use.

125.1424f Recapture tax fund; creation; establishment; payment; use.Sec. 24f.  (1) There is created and established under the jurisdiction and control of the authority a fund to be known as the recapture tax fund.  (2) There may be paid into the recapture tax fund any money available to the authority from any source or sources, including, but not limited to, funds held by the authority. The authority is under no obligation to maintain a balance of money in the fund.  (3) The authority may use the money held in the fund to reimburse individual borrowers for any taxes the borrowers paid and for which they were liable under section 143(m) of the internal revenue code, or any similar recapture taxes applicable to programs the authority administers. History: Add. 2008, Act 55, Imd. Eff. Apr. 3, 2008 Compiler's Notes: Former MCL 125.1424f, which pertained to conversion condominium fund, was repealed by Act 183 of 1985, Imd. Eff. Dec. 18, 1985.
MI Comp L § 125.1424g (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1424g - Repealed. 1985, Act 183, Imd. Eff. Dec. 18, 1985.

125.1424g Repealed. 1985, Act 183, Imd. Eff. Dec. 18, 1985. Compiler's Notes: The repealed section pertained to conversion condominium loans and funds.
MI Comp L § 125.1426 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1426 - Bonds and Notes; Authorization; Terms.

125.1426 Bonds and notes; authorization; terms. Sec. 26.  The notes and bonds shall be authorized by resolution of the members of the authority; shall bear such date or dates, and shall mature at such time or times, in the case of any note, or any renewal thereof, not exceeding 20 years, from the date of issue of such original note, and in the case of any bond not exceeding 50 years from the date of issue, as the resolution may provide. The notes and bonds shall bear interest at such rate or rates, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places and be subject to such terms of redemption as such resolution or resolutions may provide. The notes and bonds of the authority may be sold by the authority, at public or private sale, at such price or prices as the authority shall determine. History: 1966, Act 346, Eff. Mar. 10, 1967 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977 ;-- Am. 1982, Act 506, Imd. Eff. Dec. 31, 1982
MI Comp L § 125.1428 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1428 - Notes and Bonds; Validity and Effect of Pledge.

125.1428 Notes and bonds; validity and effect of pledge. Sec. 28.  Any pledge made by the authority shall be valid and binding from the time when the pledge is made; the moneys or property so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act; and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded. History: 1966, Act 346, Eff. Mar. 10, 1967
MI Comp L § 125.1429 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1429 - Notes and Bonds; Personal Liability of Members of Authority.

125.1429 Notes and bonds; personal liability of members of authority. Sec. 29.  Neither the members of the authority nor any person executing the notes or bonds shall be liable personally on the notes or bonds or be subject to any personal liability or accountability by reason of the issuance thereof. History: 1966, Act 346, Eff. Mar. 10, 1967
MI Comp L § 125.1430 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1430 - Notes and Bonds; Purchase for Cancellation; Price.

125.1430 Notes and bonds; purchase for cancellation; price. Sec. 30.  (1) Except as provided in subsection (2), and subject to such agreements with noteholders or bondholders as may then exist, the authority shall have power out of any funds available therefor to purchase notes or bonds of the authority, which shall thereupon be canceled, at a price not exceeding:  (a) If the notes or bonds are then redeemable, the redemption price then applicable plus accrued interest to the next interest payment date thereon.  (b) If the notes or bonds are not then redeemable, the redemption price applicable on the first date after such purchase upon which the notes or bonds become subject to redemption plus accrued interest to such date.  (2) If the authority determines that the payment of a higher price than that determined under subsection (1) is in the best interests of the authority, it may by resolution authorize the purchase at a higher price. History: 1966, Act 346, Eff. Mar. 10, 1967 ;-- Am. 1982, Act 506, Imd. Eff. Dec. 31, 1982
MI Comp L § 125.1431 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1431 - Notes and Bonds; Liability of State.

125.1431 Notes and bonds; liability of state. Sec. 31.  The state shall not be liable on notes or bonds of the authority and such notes and bonds shall not be a debt of the state. The notes and bonds shall contain on the face thereof a statement to such effect. History: 1966, Act 346, Eff. Mar. 10, 1967
MI Comp L § 125.1432a (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|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.

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.Sec. 32a.  With respect to bonds, other than refunding bonds, issued to finance single family homes after November 1, 1989, for the first 60 days following the announcement of a program funded by the proceeds of those bonds, 50% of the proceeds of those bonds available to make loans, as determined by the preliminary information obtained by originating lenders at the time a reservation is submitted, shall be reserved for applicants with gross annual incomes at or below 60% of the statewide median gross income. The authority may, by resolution, waive this requirement. The authority shall advise the house of representatives and senate standing committees with jurisdiction over housing issues 5 days prior to adopting a resolution waiving this requirement. With respect to bonds, other than refunding bonds, issued to finance single family homes after November 1, 1989, not more than 50% of the proceeds of those bonds may be used to finance single family homes for homebuyers who previously have had an ownership interest in a residence. For purposes of this section, a previous ownership interest in a mobile home shall not be considered to be an ownership interest in a residence. The authority may rely on the applicant's affidavit to determine whether or not the applicant has had a prior ownership interest in a residence. The authority shall publicize the programs funded under this section by using all reasonable means available, including, but not limited to, public interest announcements in the media, and announcements to lending institutions, community groups, and real estate organizations. The authority shall submit a report annually to the legislature containing all statistics necessary to indicate its compliance with this section. This section does not apply to bonds issued to refinance single family homes. History: Add. 1984, Act 215, Imd. Eff. July 10, 1984 ;-- Am. 1985, Act 2, Imd. Eff. Mar. 14, 1985 ;-- Am. 1985, Act 183, Imd. Eff. Dec. 18, 1985 ;-- Am. 1989, Act 220, Imd. Eff. Dec. 11, 1989 ;-- Am. 1989, Act 281, Imd. Eff. Dec. 26, 1989 ;-- Am. 1990, Act 330, Imd. Eff. Dec. 21, 1990 ;-- Am. 1991, Act 137, Imd. Eff. Nov. 22, 1991 ;-- Am. 1993, Act 220, Imd. Eff. Oct. 29, 1993 ;-- Am. 1993, Act 221, Imd. Eff. Oct. 29, 1993 ;-- Am. 1996, Act 475, Imd. Eff. Dec. 26, 1996 ;-- Am. 2000, Act 257, Imd. Eff. June 29, 2000 ;-- Am. 2004, Act 535, Imd. Eff. Jan. 3, 2005 ;-- Am. 2008, Act 53, Imd. Eff. Apr. 3, 2008
MI Comp L § 125.1432c (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1432c - Repealed. 1988, Act 496, Eff. Mar. 30, 1989.

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.
MI Comp L § 125.1432d (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1432d - Legislative Intent.

125.1432d Legislative intent. Sec. 32d.  The legislature intends that the authority explore the possibility of reducing the cost of financing multifamily housing projects through the issuance of variable rate obligations that could be converted to long-term fixed-rate obligations. The authority is authorized to make fixed-rate mortgages with the proceeds of these obligations. The legislature also intends that the authority explore the possibility of providing subsidies to projects to assist owners in meeting the 20-50 test established in section 142 of the internal revenue code. History: Add. 1987, Act 179, Imd. Eff. Nov. 25, 1987
MI Comp L § 125.1433 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1433 - General Reserve Fund; Creation; Payments Into Fund; Use of Fund.

125.1433 General reserve fund; creation; payments into fund; use of fund. Sec. 33.  The authority shall create and establish a special fund, referred to as general reserve fund, and, subject to agreements with bondholders and noteholders, shall pay into the fund all fees and charges collected by the authority on loans made from and residential mortgages acquired with the proceeds of the sale of bonds and any moneys which the authority shall transfer from the capital reserve fund. Such moneys and any other moneys paid into the general reserve fund, in the discretion of the authority but subject to agreements with bondholders and noteholders, may be used by the authority (a) for the repayment of advances from the state in accordance with the provisions of repayment agreements between the authority and the director of the budget, (b) to pay all costs, expenses, and charges of financing, including fees and expenses of trustees and paying agents, (c) for transfers to the capital reserve fund, (d) for the payment of the principal of and interest on bonds or notes issued by the authority when they shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where the bonds or notes are redeemed prior to their stated maturities, and to purchase bonds or notes, or (e) for such other corporate purposes of the authority as the authority in its discretion shall determine and provide. History: 1966, Act 346, Eff. Mar. 10, 1967 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977
MI Comp L § 125.1434 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1434 - Notes and Bonds; Pledge and Agreement of State.

125.1434 Notes and bonds; pledge and agreement of state. Sec. 34.  The state pledges and agrees with the holders of any notes or bonds issued under this act, that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights and remedies of the holders until the notes or bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in any agreement with the holders of such notes or bonds. History: 1966, Act 346, Eff. Mar. 10, 1967
MI Comp L § 125.1435 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1435 - Trustee; Default; Powers and Duties.

125.1435 Trustee; default; powers and duties.  Sec. 35.  (1) If the authority defaults in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default continues for a period of 30 days, or if the authority fails or refuses to comply with the provisions of this act, or defaults in any agreement made with the holders of any issue of notes or bonds, the holders of 25% in aggregate principal amount of the notes or bonds of such issue then outstanding, by instrument or instruments filed in the office of the clerk of the county of Ingham and approved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of such notes or bonds for the purposes herein provided.  (2) The trustee may, and upon written request of the holders of 25% in principal amount of such notes or bonds then outstanding shall, in his own name; (a) by action or proceeding, enforce all rights of the noteholders or bondholders, including the right to require the authority to collect fees and charges and interest and amortization payments on mortgage loans made by it adequate to carry out any agreement as to, or pledge of, such fees and charges and interest and amortization payments on such mortgages, and other properties and to require the authority to carry out any other agreements with the holders of such notes or bonds and to perform its duties under this act; (b) bring suit upon such notes or bonds; (c) by action, require the authority to account as if it were the trustee of an express trust for the holders of such notes or bonds; (d) by action, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of such notes or bonds; (e) declare all such notes or bonds due and payable, and if all defaults shall be made good, then, with the consent of the holders of 25% of the principal amount of such notes or bonds then outstanding, to annul such declaration and its consequences.  History: 1966, Act 346, Eff. Mar. 10, 1967
MI Comp L § 125.1436 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1436 - Trustee; Additional Powers.

125.1436 Trustee; additional powers. Sec. 36.  The trustee, in addition to the powers granted in section 35, shall have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.  History: 1966, Act 346, Eff. Mar. 10, 1967
MI Comp L § 125.1437 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1437 - Venue.

125.1437 Venue. Sec. 37.  The venue of any such action or proceeding shall be in the county of Ingham. History: 1966, Act 346, Eff. Mar. 10, 1967
MI Comp L § 125.1438 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-2 - Chapter 2 (125.1421...125.1449v)|Section 125.1438 - Notes and Bonds; Notice; Declaration, Due and Payable.

125.1438 Notes and bonds; notice; declaration, due and payable. Sec. 38.  Before declaring the principal of notes or bonds due and payable, the trustee shall first give 30 days' notice in writing to the governor, to the authority, and to the attorney general of the state. History: 1966, Act 346, Eff. Mar. 10, 1967