Sec. 22b.
(1) The authority is designated as the housing credit agency for the state for the purpose of allocating and administering the low income housing credit established under section 42 of the internal revenue code of 1986.
(2) The state's housing credit ceiling applicable for a calendar year shall be an amount equal to the sum of all of the following:
(a) One dollar and twenty-five cents multiplied by the state's population, unless a different amount is authorized by section 42 of the internal revenue code of 1986. The state's population shall be determined by the most recent census estimates of the state's population published by the United States bureau of census before the beginning of the calendar year or by another method as authorized by the internal revenue code of 1986.
(b) The unused state housing credit ceiling, if any, of the state for the preceding calendar year, for years subsequent to 1989.
(c) The amount of state housing credit ceiling returned in the calendar year, for years subsequent to 1989.
(d) The amount, if any, allocated to the state under section 42(h)(3)(D) of the internal revenue code of 1986.
(3) An applicant for an allocation of low income housing tax credit shall be qualified to receive the credit pursuant to the requirements of the internal revenue code of 1986 and the regulations, guidelines, rulings, and interpretations issued by the United States treasury department or the internal revenue service, that controls in the event of conflict with a requirement of this section.
(4) The state's low income housing tax credit is allocable pursuant to a qualified allocation plan prepared by the authority, submitted to the legislature, and approved by the governor after notice to the public and public hearing. The plan shall set forth criteria to be used to determine housing priorities of the state, and shall give the highest priority to those projects in which the highest percentage of the housing credit dollar amount is to be used for project costs other than the cost of intermediaries, unless granting such priority would impede the development of projects in hard-to-develop areas. In allocating low income housing tax credit dollar amounts among selected projects, the allocation plan shall give preference to projects serving the lowest income tenants and projects obligated to serve qualified tenants for the longest periods, and shall provide a procedure that the authority will follow in notifying the internal revenue service of noncompliance with the provisions of section 42 of the internal revenue code of 1986 of which the authority becomes aware. The plan shall set forth the process for selecting eligible projects and may be amended from time to time in accordance with its terms and the requirements of section 42 of the internal revenue code of 1986. The selection criteria in the qualified allocation plan shall include those set forth in section 42 of the internal revenue code of 1986.
(5) The state's low income housing tax credit authority shall be distributed in accordance with the qualified allocation plan. Amounts allocable under subsection (2) shall be set aside as follows:
(a) Qualified nonprofit organizations as required by section 42 of the internal revenue code of 1986 - not less than 10%.
(b) Rural housing projects - not less than 5%.
(c) Housing projects in eligible distressed areas - not less than 30%.
(d) Housing projects for the elderly - not less than 10%. Projects counted in 1 category shall not count in another category towards meeting the minimum set-aside requirements.
(6) Except for the amount for qualified nonprofit organizations, if the low income housing tax credit set aside under subsection (5) is not allocated before October 1 of the year in which that credit amount is authorized under subsection (2)(a), the authority may reapportion the unallocated credit amounts in a reasonable manner pursuant to the state's qualified allocation plan.
(7) All applications for low income housing tax credit shall be on the authority's prescribed forms and shall include information necessary pursuant to the qualified allocation plan and section 42 of the internal revenue code of 1986.
(8) The authority may charge applicants reasonable fees under the low income housing tax credit program.
(9) For the purposes of this section, "rural housing projects" means proposed or existing housing projects that fall into 1 or more of the following categories:
(a) Located in an area other than a metropolitan county.
(b) Funded by a federal program for the development of rural housing.
(c) Financed by a loan guaranteed by rural housing services or a successor agency.
History: Add. 1987, Act 86, Imd. Eff. June 30, 1987 ;-- Am. 1989, Act 281, Imd. Eff. Dec. 26, 1989 ;-- Am. 1991, Act 137, Imd. Eff. Nov. 22, 1991 ;-- Am. 1993, Act 220, Imd. Eff. Oct. 29, 1993 ;-- Am. 1996, Act 475, Imd. Eff. Dec. 26, 1996 ;-- Am. 2000, Act 257, Imd. Eff. June 29, 2000
Structure 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 125.1422 - Powers of Authority.
Section 125.1422c - Subsidiary Nonprofit Housing Corporation.
Section 125.1422d - Investments.
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 125.1424c - 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 - Recapture Tax Fund; Creation; Establishment; Payment; Use.
Section 125.1424g - Repealed. 1985, Act 183, Imd. Eff. Dec. 18, 1985.
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 125.1432c - 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 125.1438 - Notes and Bonds; Notice; Declaration, Due and Payable.
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 125.1444d - Authorized Loans; Purpose; Criteria.
Section 125.1444e - Income Eligibility Standards Applicable to Tenant of Housing Project.
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 125.1448 - 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 125.1448h - Sale Proceeds; Application to Discharge of Debt; Surplus; Interest.
Section 125.1448i - Redemption of Premises; Effect on Deed of Sale; Affidavit.
Section 125.1448l - Forfeiture, Foreclosure, or Specific Performance Proceedings; Minimum Price.
Section 125.1448n - Sale of Premises; Default Subsequent to Judgment.
Section 125.1448p - Equitable Actions.
Section 125.1449 - Foreclosure by Advertisement.
Section 125.1449b - Notice of Sale; Publication; Posting Copy of Notice Upon Premises.
Section 125.1449c - Notice of Sale; Contents.
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 125.1449k - Abandonment of Premises; Presumption.
Section 125.1449n - Disposition of Surplus Money Remaining After Sale of Real Estate.
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.