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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 M... - Sec. 21. (1) There is created a public body corporate...
Section 125.1422 - Powers of Authority. - Sec. 22. The authority possesses all powers necessary or convenient...
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 Elsewh... - Sec. 22a. (1) In addition to the powers described in...
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 Amount... - Sec. 22b. (1) The authority is designated as the housing...
Section 125.1422c - Subsidiary Nonprofit Housing Corporation. - Sec. 22c. (1) The authority may incorporate 1 or more...
Section 125.1422d - Investments. - Sec. 22d. (1) In addition to the powers described in...
Section 125.1423 - Housing Development Fund; Creation; Payments Into Fund. - Sec. 23. (1) There is created and established under the...
Section 125.1424 - Housing Development Fund; Advances; Grants; Transfer of Moneys. - Sec. 24. (1) The authority may use the moneys held...
Section 125.1424a - Land Acquisition and Development Fund; Creation; Payment of Moneys Into Fund. - Sec. 24a. (1) A fund to be known as 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. - Sec. 24b. (1) The authority may use the money held...
Section 125.1424c - Transfer of Moneys to Housing Development Fund or Rehabilitation Fund. - Sec. 24c. The authority may transfer the moneys held in...
Section 125.1424d - Rehabilitation Fund; Creation; Jurisdiction; Payments. - Sec. 24d. (1) A fund to be known as the...
Section 125.1424e - Rehabilitation Fund; Use of Moneys; Allocations or Pledges to Holders of Bonds. - Sec. 24e. (1) The authority may use moneys in the...
Section 125.1424f - Recapture Tax Fund; Creation; Establishment; Payment; Use. - Sec. 24f. (1) There is created and established under the...
Section 125.1424g - Repealed. 1985, Act 183, Imd. Eff. Dec. 18, 1985. - Compiler's Notes: The repealed section pertained to conversion condominium loans...
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 A... - Sec. 25. (1) The authority may issue its negotiable bonds...
Section 125.1426 - Bonds and Notes; Authorization; Terms. - Sec. 26. The notes and bonds shall be authorized by...
Section 125.1427 - Notes or Bonds; Resolution Authorizing Issuance; Contents. - Sec. 27. Any resolution authorizing any notes or bonds or...
Section 125.1428 - Notes and Bonds; Validity and Effect of Pledge. - Sec. 28. Any pledge made by the authority shall be...
Section 125.1429 - Notes and Bonds; Personal Liability of Members of Authority. - Sec. 29. Neither the members of the authority nor any...
Section 125.1430 - Notes and Bonds; Purchase for Cancellation; Price. - Sec. 30. (1) Except as provided in subsection (2), and...
Section 125.1431 - Notes and Bonds; Liability of State. - Sec. 31. The state shall not be liable on notes...
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... - Sec. 32. (1) The authority may create and establish 1...
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. - Sec. 32a. With respect to bonds, other than refunding bonds,...
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; Applicabi... - Sec. 32b. (1) The authority is designated as the administrator...
Section 125.1432c - Repealed. 1988, Act 496, Eff. Mar. 30, 1989. - Compiler's Notes: The repealed section pertained to allocation to authority...
Section 125.1432d - Legislative Intent. - Sec. 32d. The legislature intends that the authority explore the...
Section 125.1433 - General Reserve Fund; Creation; Payments Into Fund; Use of Fund. - Sec. 33. The authority shall create and establish a special...
Section 125.1434 - Notes and Bonds; Pledge and Agreement of State. - Sec. 34. The state pledges and agrees with the holders...
Section 125.1435 - Trustee; Default; Powers and Duties. - Sec. 35. (1) If the authority defaults in the payment...
Section 125.1436 - Trustee; Additional Powers. - Sec. 36. The trustee, in addition to the powers granted...
Section 125.1437 - Venue. - Sec. 37. The venue of any such action or proceeding...
Section 125.1438 - Notes and Bonds; Notice; Declaration, Due and Payable. - Sec. 38. Before declaring the principal of notes or bonds...
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. - Sec. 39. (1) Money of the authority shall be held...
Section 125.1440 - Notes and Bonds; Legal Investment. - Sec. 40. The notes and bonds of the authority are...
Section 125.1441 - Faith and Credit Bonds. - Sec. 41. The authority from time to time at its...
Section 125.1442 - Property of Authority; Exempt From Taxation. - Sec. 42. The property of the authority and its income...
Section 125.1443 - Notes and Bonds; Exemption From Taxation. - Sec. 43. The state covenants with the purchasers and all...
Section 125.1443a - Authorization of Covenant and Consent. - Sec. 43a. The authority may covenant and consent in any...
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; Loans for Newly Rehabilitated, Newly Constructed, or... - Sec. 44. (1)(a) The authority may make loans to a...
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 Princi... - Sec. 44a. (1) The authority may make, purchase, or participate...
Section 125.1444b - Loans to Mortgage Lenders; Authorized Purchases and Commitments; Requirements and Conditions; Report. - Sec. 44b. (1) The authority may make and contract to...
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 Commit... - Sec. 44c. (1) If the resolution authorizing the issuance of...
Section 125.1444d - Authorized Loans; Purpose; Criteria. - Sec. 44d. (1) The authority may make loans to any...
Section 125.1444e - Income Eligibility Standards Applicable to Tenant of Housing Project. - Sec. 44e. Income eligibility standards applicable to a tenant of...
Section 125.1444f - Loan for Housing Project in Effectively Treatable Area; Demonstration of Community Support; Return on Investment. - Sec. 44f. (1) The authority may make a loan to...
Section 125.1444g - Enforcement of Promises or Commitments; Action to Be Brought Against Authority. - Sec. 44g. An action shall not be brought against the...
Section 125.1445 - Preference to Displaced Persons. - Sec. 45. Among low income or moderate income persons, preference...
Section 125.1446 - Discrimination. - Sec. 46. The authority shall require that occupancy of housing...
Section 125.1447 - Obtaining Money, Property, or Service With Intent to Defraud or Cheat; Penalty; Determination of Total Value; Prior Convictions; Prohibited Use. - Sec. 47. (1) A person who, with intent to defraud...
Section 125.1448 - Foreclosure Procedures Applicable to Authority. - Sec. 48. In addition to other procedures and remedies which...
Section 125.1448a - Jurisdiction to Foreclose Mortgages and Land Contracts Held by Authority. - Sec. 48a. The circuit court has jurisdiction to foreclose mortgages...
Section 125.1448b - Other Civil Actions. - Sec. 48b. (1) If a judgment has been obtained in...
Section 125.1448c - Bringing Amount Due Into Court Before Judgment of Sale; Dismissal of Complaint. - Sec. 48c. Whenever a complaint is filed for the satisfaction...
Section 125.1448d - Sale of Premises Pursuant to Circuit Court Order. - Sec. 48d. Whenever a complaint is filed for the foreclosure...
Section 125.1448e - Bringing Amount Due Into Court After Judgment of Sale; Stay of Proceedings; Subsequent Default. - Sec. 48e. If, after a judgment of sale is entered...
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. - Sec. 48f. All sales of land on foreclosure of a...
Section 125.1448g - Deed of Sale; Execution; Operation; Right, Title, and Interest Vested in Grantee; Recordation; Redemption of Premises. - Sec. 48g. (1) The person making the sale shall execute...
Section 125.1448h - Sale Proceeds; Application to Discharge of Debt; Surplus; Interest. - Sec. 48h. (1) The proceeds of every sale under a...
Section 125.1448i - Redemption of Premises; Effect on Deed of Sale; Affidavit. - Sec. 48i. (1) The mortgagor, the mortgagor's heirs, executors, administrators,...
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. - Sec. 48j. The court may make provision in any judgment...
Section 125.1448k - Personal Liability on Land Contract or for Mortgage Debt; Original Judgment; Deficiency; Delivery of Premises to Purchaser; Order. - Sec. 48k. In the original judgment in foreclosure cases the...
Section 125.1448l - Forfeiture, Foreclosure, or Specific Performance Proceedings; Minimum Price. - Sec. 48l. In any forfeiture, foreclosure, or specific performance case...
Section 125.1448m - Land Contract or Mortgage Debt Secured by Evidence of Debt of Person Other Than Vendee or Mortgagor; Party; Court Order. - Sec. 48m. If the land contract or mortgage debt is...
Section 125.1448n - Sale of Premises; Default Subsequent to Judgment. - Sec. 48n. (1) If the defendant does not bring into...
Section 125.1448o - Action to Discharge Mortgage or Land Contract; Judgment Entered by Court; Contents; Minutes; Delivery of Judgment to Authority; Recordation of Judgment. - Sec. 48o. (1) When a recorded mortgage on real property...
Section 125.1448p - Equitable Actions. - Sec. 48p. Actions under sections 48a to 48o are equitable...
Section 125.1449 - Foreclosure by Advertisement. - Sec. 49. Every mortgage of real estate held by the...
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. - Sec. 49a. (1) To entitle the authority to give a...
Section 125.1449b - Notice of Sale; Publication; Posting Copy of Notice Upon Premises. - Sec. 49b. Notice that the mortgage held by the authority...
Section 125.1449c - Notice of Sale; Contents. - Sec. 49c. Every notice required under section 49 shall specify...
Section 125.1449d - Sale of Premises at Public Sale; Hours; Location; Appointed Person; Highest Bidder. - Sec. 49d. The sale shall be at public sale, between...
Section 125.1449e - Adjournment of Sale; Request; Notice; Oral Announcement Unnecessary. - Sec. 49e. The sale may be adjourned from time to...
Section 125.1449f - Sale of Distinct Farms, Tracts, or Lots Separately or Together. - Sec. 49f. If the mortgaged premises consist of distinct farms,...
Section 125.1449g - Purchase of Premises by Authority or Its Successor or Assign Permitted. - Sec. 49g. The authority or its successor or assign, may...
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. - Sec. 49h. The officer or person making the sale shall...
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. - Sec. 49i. Unless the premises described in such deed shall...
Section 125.1449j - Redemption of Premises; Payment of Taxes or Insurance Premiums; Redemption Period; Fees or Charges. - Sec. 49j. (1) If the mortgagor, the mortgagor's heirs, executors,...
Section 125.1449k - Abandonment of Premises; Presumption. - Sec. 49k. For purposes of sections 49 to 49u, abandonment...
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. - Sec. 49l. Upon the payment of the entire sum bid...
Section 125.1449m - Refusal to Make and Acknowledge Certificate of Payment; Liability; Damages; Civil Action. - Sec. 49m. If any person entitled to receive such redemption...
Section 125.1449n - Disposition of Surplus Money Remaining After Sale of Real Estate. - Sec. 49n. If after any sale of real estate, made...
Section 125.1449o - Perpetuating Evidence of Sale; Affidavit; Endorsement Upon or Annexation to Instrument; References. - Sec. 49o. (1) A party desiring to perpetuate the evidence...
Section 125.1449p - Taking and Certifying Affidavits. - Sec. 49p. The affidavits specified in section 49o may be...
Section 125.1449q - Recording Affidavits; Presumptive Evidence of Facts. - Sec. 49q. Such affidavits shall be recorded at length by...
Section 125.1449r - Note Recording Evidence of Sale to Be Made in Margin of Mortgage Record. - Sec. 49r. A note referring to the page and book...
Section 125.1449s - Notice of Payment to Purchaser, Agent, or Attorney. - Sec. 49s. Upon the payment of the entire sum bid...
Section 125.1449t - Right to Enter Mortgaged Premises to Post or Serve Notices. - Sec. 49t. Incident to the foreclosure of a mortgage pursuant...
Section 125.1449u - Action to Recover Deficiency Judgment Against Mortgagor; Defense; Applicability of Section. - Sec. 49u. If, in the foreclosure of a mortgage by...
Section 125.1449v - Foreclosure Against Residential Property Not Exceeding 4 Units and Not More Than 3 Acres; Applicability of Section. - Sec. 49v. (1) For purposes of this chapter, if foreclosure...