Mich. Admin. Code R. 125.190

Current through Vol. 24-24, January 15, 2025

Section R. 125.190 - Program purpose and applicability

Rule 190. The authority shall use the Michigan housing and community development fund created in section 58 a of the act, MCL 125.1458a, 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 Michigan housing and community development fund is limited to activities outlined in sections 58 b and 58c of the act, 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 206.901 to 206.911.

(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.

Mich. Admin. Code R. 125.190

2008 AACS; 2009 AACS; 2023 MR 6, Eff. 3/21/2023