Michigan Compiled Laws
Act 84 of 1999 - Urban Homesteading in Multifamily Public Housing Act (125.2721 - 125.2734)
Section 125.2728 - Mortgage Loans.

Sec. 8.
The Michigan state housing development authority may provide mortgage loans to qualified buyers who are required to pay for their unit in the multifamily public housing. Loans provided under this section shall be made at a rate of interest not to exceed the qualified rate. The Michigan state housing development authority shall determine the terms and conditions of the loan agreement. Loans made by the Michigan state housing development authority may be prepaid or paid off at any time without penalty.
History: 1999, Act 84, Imd. Eff. June 28, 1999

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 125 - Planning, Housing, and Zoning

Act 84 of 1999 - Urban Homesteading in Multifamily Public Housing Act (125.2721 - 125.2734)

Section 125.2721 - Short Title.

Section 125.2722 - Definitions.

Section 125.2723 - Urban Homestead Program in Multifamily Public Housing; Availability of Property to Qualified Buyers; Resolution; Appeals Process to Applicants and Buyers.

Section 125.2724 - Acquisition of Housing Project by Resident Organization; Conditions; Payment of Fees and Operation Subsidies; Management Training and Counseling; Application for Grant Funds.

Section 125.2725 - Transfer of Legal Ownership.

Section 125.2726 - Acquisition of Public Housing Property; Eligibility to Enter Homestead Agreement; Substance Abuse Testing; Verification of School Attendance.