Section 125.190. Program purpose and applicability.

The Michigan state housing development authority shall use the housing and community development fund to provide loans, grants,  or  other comparable forms of assistance to eligible applicants to finance, acquire, rehabilitate, and develop decent, safe, and sanitary housing and projects located in a downtown area or adjacent neighborhood in this state. The use of the fund, created pursuant to MCL 125.1458b, is limited  to  activities outlined in MCL 125.1458b and 125.1458c as follows:

(a)   Developing and coordinating public and private resources to meet the housing needs of low income, very low income, and extremely  low  income households in this state, particularly innovative strategies leveraging public and private resources to meet these needs.

(b)   Developing  housing   for  the  homeless,  including  both   transitional housing and permanent   housing.

(c)   ) Developing rental housing.

(d)     Providing funding to eligible applicants with respect to housing or homeownership for individuals and families of low income, very low income, and extremely low income households and projects located in a downtown area or adjacent neighborhood in this state, including funding for  all  of  the following:

(i)   Acquisition of land and buildings.

(ii)   Rehabilitation.

(iii)     New construction.

(iv)   Development costs and predevelopment costs.

(v)   Preservation of existing housing.

(vi)         Community development projects, including, but not limited  to, infrastructure  improvements,   economic   development    projects,   blight elimination, or community facilities.

(vii)   Insurance.

(viii)   Operating and replacement reserves.

(ix)   Down payment assistance.

(x)   ) Security deposit assistance.

(xi)   Foreclosure prevention and assistance.

(xii)    Individual development accounts established under the  individual  or family development account program act, 2006 PA 513, MCL 206.701 to 206.711.

(xiii)   ) Activities related to ending homelessness.

(XIV)   Assistance to nonprofit organizations, municipalities, and land bank fast track authorities organized under the land bank fast track act, 2003 PA 258, MCL 124.751 to 124.774.

(XV)  Predatory lending prevention or relief.

History: 2008 AACS; 2009 AACS.