Mich. Admin. Code R. 125.144
Rule 144. A resolution of the authority authorizing a mortgage loan or a mortgage loan commitment of the authority, the issuance of which is authorized by the resolution, must include conditions that the authority considers appropriate with respect to the commencement of construction of the proposed housing project, the marketing and occupancy of the housing project and the use, disbursement, and repayment of the mortgage loan authorized. A resolution or mortgage loan commitment may include a financial analysis of the subject housing project, which must establish the initial schedule of rents or occupancy charges, the approved budget for operation of the housing project, and the schedule of uses of the proceeds of the mortgage loan. A resolution authorizing a mortgage loan to an applicant that is a limited dividend housing corporation or limited dividend housing association must include a determination of the maximum reasonable and proper rate of return on the investment of the applicant in the proposed housing project, which determination must be made upon a consideration of the then existing conditions in the housing industry and financial markets and rates of return then prescribed by other governmental agencies and applicable federal programs.
Mich. Admin. Code R. 125.144