reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-3B - Chapter 3b (125.1459...125.1459a) › Section 125.1459 - Definitions.

125.1459 Definitions.
Sec. 59.
(1) The definitions in section 11 apply to this chapter unless otherwise provided in this chapter.
(2) As used in this chapter:
(a) "Area median income" means the median income for the area as determined under section 8 of the United States housing act of 1937, 42 USC 1437f, adjusted for family size.
(b) "Income" means an amount determined in a manner consistent with the determination of lower income families under section 8 of the United States housing act of 1937, 42 USC 1437f.
(c) "Supportive housing property" means property that meets all of the following requirements:
(i) Is owned by an organization exempt under section 501(c)(3) of the internal revenue code, 26 USC 501, or by a nonprofit housing corporation organized under chapter 4.
(ii) All living units are occupied by 1 or more persons each having incomes at or below 30% of the area median income and who each individually receive services for not less than 1 hour per month either directly from or contracted for by an organization identified in subparagraph (i), which services include, but are not limited to, mental health, substance abuse, counseling, and assistance with daily living.
(iii) Consists of not more than 6 individual living units.
(d) "Individual living unit" means an accommodation containing a living area, 1 to 4 sleeping areas, bathing and sanitation facilities, and cooking facilities equipped with a cooking range, refrigerator, and sink, all of which are separate and distinct from any other accommodations. An individual living unit may be served by heating or cooling facilities that also serve additional units. An individual unit shall not provide housing for more than 6 individuals.
History:
Add. 2008, Act 456, Eff. Oct. 29, 2009 ;-- Am. 2010, Act 144, Imd. Eff. Aug. 4, 2010
Compiler's Notes:
Enacting section 1 of Act 456 of 2008 contained tie bars to House Bills 5437 and 5438. House Bill 5437 was filed with the Secretary of State January 9, 2009, and became 2008 PA 454, Imd. Eff. Jan. 9, 2009. House Bill 5438 was not enacted by the legislature of the 2008 regular session; it was not presented to the governor and did not become a public act.Enacting section 1 of Act 127 of 2009 repealed enacting section 1 of Act 456 of 2008, thereby removing the tie bars. Act 456 of 2008 became effective October 29, 2009.For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-4 - Chapter 4 (125.1461...125.1465) › Section 125.1461 - Nonprofit Housing Corporations; Incorporation.

125.1461 Nonprofit housing corporations; incorporation.
Sec. 61.
Nonprofit housing corporations shall be incorporated pursuant to the provisions of this chapter and the nonprofit corporation act, Act No. 162 of the Public Acts of 1982, being sections 450.2101 to 450.3192 of the Michigan Compiled Laws.
History:
Add. 1968, Act 343, Imd. Eff. July 19, 1968 ;-- Am. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1987, Act 180, Imd. Eff. Nov. 25, 1987
Compiler's Notes:
For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-4 - Chapter 4 (125.1461...125.1465) › Section 125.1462 - Qualified Nonprofit Housing Corporations; Corporate Name.

125.1462 Qualified nonprofit housing corporations; corporate name.
Sec. 62.
The term "nonprofit housing corporation" or "nonprofit housing company" shall be included as a part of the corporate name as set forth in the certificate of incorporation.
History:
Add. 1968, Act 343, Imd. Eff. July 19, 1968
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-4 - Chapter 4 (125.1461...125.1465) › Section 125.1463 - Nonprofit Housing Corporation; Articles of Incorporation.

125.1463 Nonprofit housing corporation; articles of incorporation.
Sec. 63.
In addition to other requirements of law, the articles of incorporation of a nonprofit housing corporation shall provide all of the following:
(a) That the corporation has been organized exclusively to provide housing facilities for any 1 or more of the following classes of persons, to be specified in the articles of incorporation: (i) persons of low income, (ii) persons of low and moderate income, and (iii) persons whose income does not exceed limits established in this act. The articles of incorporation may also permit the corporation to provide any social, recreational, commercial, and communal facilities necessary to serve and improve a residential area in which authority-aided or federally-aided housing is located or is planned to be located, thereby enhancing the viability of the housing.
(b) That all the income and earnings of the corporation shall be used exclusively for corporate purposes and that no part of the net income or net earnings of the corporation shall inure to the benefit or profit of a private individual, firm, corporation, partnership, or association.
(c) That the corporation is in no manner controlled or under the direction or acting in the substantial interest of any private individual, firm, partnership, or association seeking to derive profit or gain therefrom or seeking to eliminate or minimize losses in any dealing or transactions with the corporation.
(d) That the operations of the corporation may be supervised by the authority or by any other governmental body as the authority directs, and that the corporation shall enter into agreements with the authority or with the governmental body as the authority from time to time requires. These agreements shall provide for regulation by the authority or by the governmental body of the planning, development, and management of any housing project undertaken by the corporation and the disposition of the property and franchises of the corporation.
History:
Add. 1968, Act 343, Imd. Eff. July 19, 1968 ;-- Am. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977 ;-- Am. 1978, Act 192, Imd. Eff. June 4, 1978 ;-- Am. 1979, Act 49, Imd. Eff. July 7, 1979 ;-- Am. 1984, Act 215, Imd. Eff. July 10, 1984
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-4 - Chapter 4 (125.1461...125.1465) › Section 125.1464 - Directors, Additional, Power of Authority.

125.1464 Directors, additional, power of authority.
Sec. 64.
The articles shall provide that the authority shall have the power to appoint to the board of directors of the corporation a number of new directors, which number shall be sufficient to constitute a majority of the board, notwithstanding any other provisions of the articles of incorporation or any other provisions of law, if:
(a) The corporation has received a loan or advance as provided for in this act and the authority determines that the loan or advance is in jeopardy of not being repaid.
(b) The corporation has received a loan or advance as provided for in this act and the authority determines that the proposed housing project for which the loan or advance was made is in jeopardy of not being constructed.
(c) The authority determines that some part of the net income or net earnings of the corporation is inuring to the benefit of any private individual, firm, corporation, partnership or association.
(d) The authority determines that the corporation is in some manner controlled by or under the direction of or acting in the substantial interest of any private individual, firm, corporation, partnership or association seeking to derive benefit or gain therefrom or seeking to eliminate or minimize losses in any dealings or transactions therewith.
(e) The authority determines that the corporation is in violation of the rules promulgated under section 22.
(f) The authority determines that the corporation is in violation of any agreements entered into with the authority providing for regulation by the authority of the planning, development and management of any housing project undertaken by the corporation and the disposition of the property and franchises of such corporation.
History:
Add. 1968, Act 343, Imd. Eff. July 19, 1968 ;-- Am. 1970, Act 129, Imd. Eff. July 29, 1970
Admin Rule:
R 125.101 et seq. of the Michigan Administrative Code.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-4 - Chapter 4 (125.1461...125.1465) › Section 125.1465 - Articles of Incorporation; Filing, Approval.

125.1465 Articles of incorporation; filing, approval.
Sec. 65.
The department of the treasury, corporation division, shall not file the articles of incorporation of the corporation unless the consent or approval of the authority is attached or affixed thereto.
History:
Add. 1968, Act 343, Imd. Eff. July 19, 1968
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-5 - Chapter 5 (125.1471...125.1475) › Section 125.1471 - Consumer Housing Cooperatives; Incorporation.

125.1471 Consumer housing cooperatives; incorporation.
Sec. 71.
Consumer housing cooperatives shall be incorporated pursuant to the provisions of the Michigan general corporation act and the provisions of this chapter.
History:
Add. 1968, Act 343, Imd. Eff. July 19, 1968
Compiler's Notes:
For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-5 - Chapter 5 (125.1471...125.1475) › Section 125.1472 - “Consumer Housing Cooperative” as Part of Corporate Name; Exception.

125.1472 “Consumer housing cooperative” as part of corporate name; exception.
Sec. 72.
(1) Except as provided in subsection (2), the term "consumer housing cooperative" shall be included as a part of the corporate name as set forth in the certificate of incorporation.
(2) This section shall not apply to a corporation organized before March 10, 1967, as a nonprofit cooperative corporation pursuant to sections 98 to 132 of Act No. 327 of the Public Acts of 1931, as amended, being sections 450.98 to 450.132 of the Michigan Compiled Laws.
History:
Add. 1968, Act 343, Imd. Eff. July 19, 1968 ;-- Am. 1978, Act 192, Imd. Eff. June 4, 1978
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-5 - Chapter 5 (125.1471...125.1475) › Section 125.1474 - Appointment of Directors Sufficient in Number to Constitute Majority of Board; Conditions; Exception.

125.1474 Appointment of directors sufficient in number to constitute majority of board; conditions; exception.
Sec. 74.
(1) Except as provided in subsection (2), the articles shall provide that the authority shall have the power to appoint to the board of directors of the consumer housing cooperative a number of new directors, which number shall be sufficient to constitute a majority of the board, notwithstanding any other provisions of the articles of incorporation or any other provisions of law, if:
(a) The consumer housing cooperative has received a loan or advance as provided for in this act and the authority determines that the loan or advance is in jeopardy of not being repaid.
(b) The consumer housing cooperative has received a loan or advance as provided for in this act and the authority determines that the proposed housing project for which the loan or advance was made is in jeopardy of not being constructed.
(c) The authority determines that some unreasonable part of the net income or net earnings of the consumer housing cooperative shall inure to the benefit of a private individual, firm, corporation, partnership, or association.
(d) The authority determines that the consumer housing cooperative is in some manner controlled by or under the direction of or acting in the substantial interest of a private individual, firm, corporation, partnership, or association seeking to derive benefit or gain therefrom or seeking to eliminate or minimize losses in any dealing or transaction therewith, except that the foregoing shall apply to individual cooperators of a consumer housing cooperative only in those circumstances defined by the authority in its rules.
(e) The authority determines that the consumer housing cooperative is in violation of the rules promulgated under section 22.
(f) The authority determines that the consumer housing cooperative is in violation of an agreement entered into with the authority providing for regulation by the authority of the planning, development, and management of a housing project undertaken by the consumer housing cooperative or the disposition of the property and franchises of the cooperative.
(2) This section shall not apply to a consumer housing cooperative which was organized before March 10, 1967, as a nonprofit cooperative corporation pursuant to sections 98 to 132 of Act No. 327 of the Public Acts of 1931, as amended.
History:
Add. 1968, Act 343, Imd. Eff. July 19, 1968 ;-- Am. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1978, Act 192, Imd. Eff. June 4, 1978
Admin Rule:
R 125.101 et seq. of the Michigan Administrative Code.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-5 - Chapter 5 (125.1471...125.1475) › Section 125.1475 - Articles of Incorporation; Filing, Approval of Authority.

125.1475 Articles of incorporation; filing, approval of authority.
Sec. 75.
The department of the treasury, corporation division, shall not file the articles of incorporation of the consumer housing cooperative unless the consent or approval of the authority is attached or affixed thereto.
History:
Add. 1968, Act 343, Imd. Eff. July 19, 1968
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-6 - Chapter 6 (125.1481...125.1486) › Section 125.1481 - Limited Dividend Housing Corporations; Incorporation.

125.1481 Limited dividend housing corporations; incorporation.
Sec. 81.
Limited dividend housing corporations shall be incorporated or qualified pursuant to the provisions of the general corporation act and this chapter.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970
Compiler's Notes:
For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-6 - Chapter 6 (125.1481...125.1486) › Section 125.1482 - Corporate Name.

125.1482 Corporate name.
Sec. 82.
The term "limited dividend housing corporation" shall be included as a part of the corporate name as set forth in the certificate of incorporation or certificate of authority.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970
Compiler's Notes:
The phrase “certificate of incorporation” in this section should evidently read “articles of incorporation.”
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-6 - Chapter 6 (125.1481...125.1486) › Section 125.1483 - Limited Dividend Housing Corporation; Articles of Incorporation.

125.1483 Limited dividend housing corporation; articles of incorporation.
Sec. 83.
In addition to other requirements of law, the articles of incorporation of any limited dividend housing corporation shall provide all of the following:
(a) That the limited dividend housing corporation has been organized exclusively to provide housing facilities for persons of low and moderate income, or for persons whose income does not exceed limits established in this act, and for social, recreational, commercial, and communal facilities as may be necessary to serve and improve a residential area in which authority-aided or federally-aided housing is located or is planned to be located, thereby enhancing the viability of the housing.
(b) That every stockholder of the limited dividend housing corporation shall be deemed, by the subscription to or receipt of stock in the corporation, to have agreed that he or she at no time shall receive from the corporation in repayment of his or her investment any sums in excess of the face value of the investment plus cumulative dividends at a rate which the authority determines to be reasonable and proper, computed from the initial date on which money was paid or property delivered in consideration for the proprietary interest of the stockholder; and that upon the dissolution of the limited dividend housing corporation, any surplus in excess of those amounts shall be paid to the authority or to any other regulating governmental body as the authority directs.
(c) That the operations of the limited dividend housing corporation may be supervised by the authority or by any other governmental body as the authority directs, and that the limited dividend housing corporation shall enter into agreements with the authority or with the governmental body as the authority from time to time requires. These agreements shall provide for regulation by the authority or the governmental body of the planning, development, and management of any housing project undertaken by the limited housing corporation and the disposition of the property and franchises of the corporation.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977 ;-- Am. 1979, Act 49, Imd. Eff. July 7, 1979 ;-- Am. 1984, Act 215, Imd. Eff. July 10, 1984
Compiler's Notes:
In the last sentence of subdivision (c), the phrase “limited housing corporation” should evidently read “limited dividend housing corporation.”
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-6 - Chapter 6 (125.1481...125.1486) › Section 125.1484 - Surplus; Definition.

125.1484 Surplus; definition.
Sec. 84.
As used in this chapter, the term "surplus" shall not be deemed to include any increase in assets of any limited dividend housing corporation organized in accordance with the provisions of this chapter, by reason of reduction of mortgage, by amortization or similar payments or realized from the sale or disposition of any assets of a limited dividend housing corporation to the extent such surplus can be attributed to any increase in market value of any real property or tangible personal property accruing during the period the assets were owned and held by the limited dividend housing corporation.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-6 - Chapter 6 (125.1481...125.1486) › Section 125.1485 - Directors, Additional, Power of Authority.

125.1485 Directors, additional, power of authority.
Sec. 85.
The articles shall provide that the authority shall have the power to appoint to the board of directors of the limited dividend housing corporation a number of new directors, which number shall be sufficient to constitute a majority of the board, notwithstanding any other provisions of the articles or any other provisions of law, if:
(a) The limited dividend housing corporation has received a loan or advance as provided for in this act and the authority determines that the loan or advance is in jeopardy of not being repaid.
(b) The limited dividend housing corporation has received a loan or advance as provided for in this act and the authority determines that the proposed housing project for which the loan or advance was made is in jeopardy of not being constructed.
(c) The authority determines that some part of the net income or net earnings of the limited dividend housing corporation, in excess of that permitted by other provisions of this act, shall inure to the benefit of any private individual, firm, corporation, partnership or association.
(d) The authority determines that the limited dividend housing corporation is in violation of the rules promulgated under section 22.
(e) The authority determines that the limited dividend housing corporation is in violation of any agreements entered into with the authority providing for regulation by the authority of the planning, development and management of any housing project undertaken by the limited dividend housing corporation or the disposition of the property and franchises of such corporation.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970
Admin Rule:
R 125.101 et seq. of the Michigan Administrative Code.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-6 - Chapter 6 (125.1481...125.1486) › Section 125.1486 - Articles of Incorporation; Filing, Approval.

125.1486 Articles of incorporation; filing, approval.
Sec. 86.
The department of the treasury, corporation division, shall not accept the articles of incorporation of the limited dividend housing corporation unless the consent or approval of the authority is attached or affixed thereto.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-7 - Chapter 7 (125.1491...125.1496) › Section 125.1491 - Limited Dividend Housing Association; Approval; Membership.

125.1491 Limited dividend housing association; approval; membership.
Sec. 91.
Limited dividend housing association includes general or limited partnerships, limited liability companies, joint ventures, or trusts, as any such entities shall be approved by resolution of the authority. Members of a limited dividend housing association shall include each and all persons with a legal or beneficial interest of any kind in a limited dividend housing association or its assets.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1996, Act 475, Imd. Eff. Dec. 26, 1996
Compiler's Notes:
For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-7 - Chapter 7 (125.1491...125.1496) › Section 125.1492 - Association Name.

125.1492 Association name.
Sec. 92.
The term "limited dividend housing association" shall be included as part of the name of any limited dividend housing association.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-7 - Chapter 7 (125.1491...125.1496) › Section 125.1493 - Limited Dividend Housing Association; Provisions of Partnership Agreement, Joint Venture Agreement, Trust Agreement, or Other Document of Basic Organization.

125.1493 Limited dividend housing association; provisions of partnership agreement, joint venture agreement, trust agreement, or other document of basic organization.
Sec. 93.
In addition to other requirements of law, the partnership agreement, joint venture agreement, trust agreement, or other document of basic organization of the limited dividend housing association shall provide all of the following:
(a) That the limited dividend housing association has been organized exclusively to provide housing facilities for persons of low and moderate income, or for persons whose income does not exceed limits established in this act, and for social, recreational, commercial, and communal facilities as may be necessary to serve and improve a residential area in which authority-aided or federally-aided housing is located or is planned to be located, thereby enhancing the viability of such housing.
(b) That every member of a limited dividend housing association shall be deemed, by acceptance of a beneficial interest in the limited dividend housing association or by executing the document of basic organization, to have agreed that he or she at no time shall receive from the limited dividend housing association any return in excess of the face value of the investment attributable to his or her respective interest plus cumulative dividend payments at a rate which the authority determines to be reasonable and proper, computed from the initial date on which money was paid or property delivered in consideration for the interest; and that upon the dissolution of the limited dividend housing association, any surplus in excess of those amounts shall be paid to the authority or to any other regulating governmental body as the authority directs.
(c) That the operations of the limited dividend housing association may be supervised by the authority or by any other governmental body as the authority directs, and that the limited dividend housing association shall enter into agreements with the authority or with the governmental body as the authority from time to time requires. The agreements shall provide for regulation by the authority or the governmental body of the planning, development, and management of any housing project undertaken by the limited dividend housing association and the disposition of the property and franchises of the limited dividend housing association.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977 ;-- Am. 1979, Act 49, Imd. Eff. July 7, 1979 ;-- Am. 1984, Act 215, Imd. Eff. July 10, 1984
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-7 - Chapter 7 (125.1491...125.1496) › Section 125.1494 - Surplus; Definition.

125.1494 Surplus; definition.
Sec. 94.
As used in this chapter, the term "surplus" shall not be deemed to include any increase in assets of any limited dividend housing association organized in accordance with the provisions of this chapter, by reason of reduction of mortgage, by amortization or similar payments or realized from the sale or disposition of any assets of a limited dividend housing association to the extent such surplus can be attributed to any increase in market value of any real property or tangible personal property accruing during the period the assets were owned and held by the limited dividend housing association.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-7 - Chapter 7 (125.1491...125.1496) › Section 125.1495 - Managing Agent; Power of Authority.

125.1495 Managing agent; power of authority.
Sec. 95.
The partnership agreement, joint venture agreement, trust agreement or other document of basic organization, as the case may be, shall provide that the authority shall have the power to appoint a managing agent of the limited dividend housing association and its members, who may be an officer, employee, or agent of the authority, and said managing agent shall have complete power to act as agent and attorney in fact for the limited dividend housing association and its members, in connection with any asset or liability of the limited dividend housing association, to fulfill any obligations the limited dividend housing association may have the authority, if:
(a) The limited dividend housing association has received a loan or advance as provided for in this act and the authority determines that the loan or advance is in jeopardy of not being repaid.
(b) The limited dividend housing association has received a loan or advance as provided for in this act and the authority determines that the proposed housing project for which the loan or advance was made is in jeopardy of not being constructed.
(c) The authority determines that some part of the net income or net earnings of the limited dividend housing association, in excess of that permitted by other provisions of this act, shall inure to the benefit of any private individual, firm, corporation, partnership, trust or association.
(d) The authority determines that the limited dividend housing association is in violation of the rules promulgated under section 22.
(e) The authority determines that the limited dividend housing association is in violation of any agreements entered into with the authority providing for regulation by the authority of the planning, development and management of any housing project undertaken by the limited dividend housing association or the disposition of the property and franchises of such limited dividend housing association.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970
Compiler's Notes:
The phrase “may have the authority, if:” in the last sentence of the first paragraph of this section should evidently read “may have the authority, if any one of the following occurs:”.
Admin Rule:
R 125.101 et seq. of the Michigan Administrative Code.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-7 - Chapter 7 (125.1491...125.1496) › Section 125.1496 - Basic Organization Document; Approval.

125.1496 Basic organization document; approval.
Sec. 96.
Before any limited dividend housing association can receive any benefits as a result of qualifying under this act, the authority must approve the terms of the partnership agreement, joint venture agreement, trust agreement or other document of basic organization.
History:
Add. 1970, Act 129, Imd. Eff. July 29, 1970
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-8 - Chapter 8 (125.1497...125.1497f) › Section 125.1497 - Applicability of Chapter to Mobile Home Park Corporations.

125.1497 Applicability of chapter to mobile home park corporations.
Sec. 97.
This chapter shall apply to mobile home park corporations receiving benefits under this act.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
Compiler's Notes:
For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-8 - Chapter 8 (125.1497...125.1497f) › Section 125.1497a - Mobile Home Park Corporation; Incorporation and Qualification Requirements.

125.1497a Mobile home park corporation; incorporation and qualification requirements.
Sec. 97a.
A mobile home park corporation shall be incorporated and qualified pursuant to the provisions of the corporation laws of this state and this chapter.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-8 - Chapter 8 (125.1497...125.1497f) › Section 125.1497b - Corporate Name.

125.1497b Corporate name.
Sec. 97b.
The term "mobile home park corporation" shall be included as part of the corporate name set forth in the certificate of incorporation or certificate of authority.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-8 - Chapter 8 (125.1497...125.1497f) › Section 125.1497c - Mobile Home Park Corporation; Articles of Incorporation.

125.1497c Mobile home park corporation; articles of incorporation.
Sec. 97c.
In addition to other requirements of law, the articles of incorporation of any mobile home park corporation shall provide all of the following:
(a) That the mobile home park corporation has been organized exclusively to provide housing facilities for persons of low and moderate income, or for persons whose income does not exceed limits established in this act, and for social, recreational, commercial, and communal facilities as may be necessary to serve and improve a residential area in which authority-aided or federally-aided housing is located or planned to be located, thereby enhancing the viability of the housing.
(b) That every stockholder of the mobile home park corporation shall be deemed, by the subscription to or receipt of stock in the corporation, to have agreed that he or she at no time shall receive from the corporation in repayment of his or her investment any sums in excess of the face value of the investment plus cumulative dividends at a rate which the authority determines to be reasonable and proper, computed from the initial date on which money was paid or property delivered in consideration for the proprietary interest of the stockholders; and that upon the dissolution of the mobile home park corporation, any surplus in excess of those amounts shall be paid to the authority or to any other regulating governmental body as the authority directs.
(c) That the operations of the mobile home park corporation may be supervised by the authority or by any other governmental body as the authority directs, and that the mobile home park corporation shall enter into agreements with the authority or with the governmental body as the authority from time to time requires. These agreements shall provide for regulation by the authority or the governmental body of the planning, development, and management of any housing project undertaken by the mobile home park corporation and the disposition of the property and franchises of the corporation.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983 ;-- Am. 1984, Act 215, Imd. Eff. July 10, 1984
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-8 - Chapter 8 (125.1497...125.1497f) › Section 125.1497d - Articles of Incorporation; Appointment of New Directors to Board of Directors; Majority; Conditions.

125.1497d Articles of incorporation; appointment of new directors to board of directors; majority; conditions.
Sec. 97d.
The articles of incorporation shall provide that the authority may appoint to the board of directors of the mobile home park corporation a number of new directors, which number shall be sufficient to constitute a majority of the board, notwithstanding any other provisions of the articles or any other provisions of law, if any 1 of the following occurs:
(a) The mobile home park corporation has received a loan or advance as provided for in this act and the authority determines that the loan or advance is in jeopardy of not being repaid.
(b) The mobile home park corporation has received a loan or advance as provided for in this act and the authority determines that the proposed housing project for which the loan or advance was made is in jeopardy of not being constructed.
(c) The authority determines that a portion of the net income or net earnings of the mobile home park corporation, in excess of that permitted by other provisions of this act, shall inure to the benefit of any private individual, firm, corporation, partnership, or association.
(d) The authority determines that the mobile home park corporation is in violation of the rules promulgated under section 22.
(e) The authority determines that the mobile home park corporation is in violation of any agreements entered into with the authority providing for regulation by the authority of the planning, development, and management of any housing project undertaken by the mobile home park corporation or the disposition of the property and franchises of the corporation.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
Admin Rule:
R 125.101 et seq. of the Michigan Administrative Code.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-8 - Chapter 8 (125.1497...125.1497f) › Section 125.1497e - Articles of Incorporation; Approval of Terms.

125.1497e Articles of incorporation; approval of terms.
Sec. 97e.
Before any mobile home park corporation can receive any benefits under this act, the authority must approve the terms of the articles of incorporation.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-8 - Chapter 8 (125.1497...125.1497f) › Section 125.1497f - “Surplus” Construed.

125.1497f “Surplus” construed.
Sec. 97f.
As used in this chapter, the term "surplus" shall not be deemed to include any increase in assets of any mobile home park corporation organized in accordance with the provisions of this chapter, by reason of reduction of mortgage, by amortization or similar payments, or realized from the sale or disposition of any assets of a mobile home park corporation to the extent such surplus can be attributed to any increase in market value of any real property or tangible personal property accruing during the period the assets were owned and held by the mobile home park corporation.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-9 - Chapter 9 (125.1498...125.1498f) › Section 125.1498 - Applicability of Chapter to Mobile Home Park Associations.

125.1498 Applicability of chapter to mobile home park associations.
Sec. 98.
This chapter shall apply to mobile home park associations receiving benefits under this act.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
Compiler's Notes:
For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-9 - Chapter 9 (125.1498...125.1498f) › Section 125.1498a - Mobile Home Park Association; Included Entities; Approval; Membership.

125.1498a Mobile home park association; included entities; approval; membership.
Sec. 98a.
A mobile home park association includes general or limited partnerships, limited liability companies, joint ventures, or trusts, as any such entities may be approved by resolution of the authority. Members of a mobile home park association shall include each and all persons with a legal or beneficial interest of any kind in a mobile home park association or its assets.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983 ;-- Am. 1996, Act 475, Imd. Eff. Dec. 26, 1996
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-9 - Chapter 9 (125.1498...125.1498f) › Section 125.1498b - Mobile Home Park Association Name.

125.1498b Mobile home park association name.
Sec. 98b.
The term "mobile home park association" shall be included as part of the name of any mobile home park association.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-9 - Chapter 9 (125.1498...125.1498f) › Section 125.1498c - Mobile Home Park Association; Provisions of Partnership Agreement, Joint Venture Agreement, Trust Agreement, or Other Document of Basic Organization.

125.1498c Mobile home park association; provisions of partnership agreement, joint venture agreement, trust agreement, or other document of basic organization.
Sec. 98c.
In addition to other requirements of law, the partnership agreement, joint venture agreement, trust agreement, or other document of basic organization of the mobile home park association shall provide all of the following:
(a) That the mobile home park association has been organized exclusively to provide housing facilities for persons of low and moderate income, or for persons whose income does not exceed limits established in this act, and for social, recreational, commercial, and communal facilities as may be necessary to serve and improve a residential area in which authority-aided or federally-aided housing is located or is planned to be located, thereby enhancing the viability of such housing.
(b) That every member of the mobile home park association shall be deemed, by acceptance of a beneficial interest in the mobile home park association or by executing the document of basic organization, to have agreed that he or she at no time shall receive from the mobile home park association any return in excess of the face value of the investment attributable to his or her respective interest plus cumulative dividend payments at a rate which the authority determines to be reasonable and proper, computed from the initial date on which money was paid or property delivered in consideration for the interest; and that upon the dissolution of the mobile home park association, any surplus in excess of those amounts shall be paid to the authority or to any other regulating governmental body as the authority directs.
(c) That the operations of the mobile home park association may be supervised by the authority or by any other governmental body the authority directs, and that the mobile home park association shall enter into agreements with the authority or with the governmental body as the authority from time to time requires pursuant to rules promulgated under section 22. The agreements shall provide for regulation by the authority or the governmental body of the planning, development, and management of any housing project undertaken by the mobile home park association and the disposition of the property and franchises of the mobile home park association.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983 ;-- Am. 1984, Act 215, Imd. Eff. July 10, 1984
Admin Rule:
R 125.101 et seq. of the Michigan Administrative Code.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-9 - Chapter 9 (125.1498...125.1498f) › Section 125.1498d - Document of Basic Organization; Managing Agent; Appointment; Powers; Conditions.

125.1498d Document of basic organization; managing agent; appointment; powers; conditions.
Sec. 98d.
The partnership agreement, joint venture agreement, trust agreement, or other document of basic organization shall provide that the authority may appoint a managing agent of the mobile home park association and its members, who may be an officer, employee, or agent of the authority. The managing agent appointed shall have complete power to act as agent and attorney-in-fact for the mobile home park association and its members, in connection with any assets or liability of the mobile home park association, to fulfill any obligations the mobile home park association may have to the authority, if any 1 of the following occurs:
(a) The mobile home park association has received a loan or advance as provided for in this act and the authority determines that the loan or advance is in jeopardy of not being repaid.
(b) The mobile home park association has received a loan or advance as provided for in this act and the authority determines that the proposed housing project for which the loan or advance was made is in jeopardy of not being constructed.
(c) The authority determines that a portion of the net income or net earnings of the mobile home park association, in excess of that permitted by other provisions of this act, shall inure to the benefit of any private individual, firm, corporation, partnership, trust, or association.
(d) The authority determines that the mobile home park association is in violation of the rules promulgated under section 22.
(e) The authority determines that the mobile home park association is in violation of any agreements entered into with the authority providing for regulation by the authority of the planning, development, and management of any housing project undertaken by the mobile home park association or the disposition of the property and franchises of the mobile home park association.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
Admin Rule:
R 125.101 et seq. of the Michigan Administrative Code.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-9 - Chapter 9 (125.1498...125.1498f) › Section 125.1498e - Document of Basic Organization; Approval of Terms.

125.1498e Document of basic organization; approval of terms.
Sec. 98e.
Before any mobile home park association can receive any benefits as a result of qualifying under this act, the authority must approve the terms of the partnership agreement, joint venture agreement, trust agreement, or other document of basic organization.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c) › 346-1966-9 - Chapter 9 (125.1498...125.1498f) › Section 125.1498f - “Surplus” Construed.

125.1498f “Surplus” construed.
Sec. 98f.
As used in this chapter, the term "surplus" shall not be deemed to include any increase in assets of any mobile home park association organized in accordance with the provisions of this chapter, by reason of reduction of mortgage, by amortization or similar payments, or realized from the sale or disposition of any assets of a mobile home park association to the extent such surplus can be attributed to any increase in market value of any such real property or tangible personal property accruing during the period the assets were owned and held by the mobile home park association.
History:
Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983