Mich. Comp. Laws § 125.2701
Short title.
This act shall be known and may be cited as the "urban homestead act".
Michigan Compiled Laws — URBAN HOMESTEAD ACT (Act 127 of 1999)
Michigan · statute · 127 of 1999, Mich. Comp. Laws · 9 active provisions
Mich. Comp. Laws § 125.2702
Definitions.
As used in this act: (a) "Administrator" means a local governmental unit, or a nonprofit community organization under contract with a local governmental unit. (b) "Applicant" means an individual and the spouse of that individual if that spouse intends to occupy the property with the individual. (c) "Local governmental…
Mich. Comp. Laws § 125.2703
Urban homestead program; availability of property to qualified buyers; resolution; designation of administrator by local government; appeals process to applicants and buyers.
By resolution, a local governmental unit may operate, or may contract with a nonprofit community organization to operate and administer, an urban homestead program that makes property available to qualified buyers to rent and purchase under this act. In the resolution, the local governmental unit shall designate whethe…
Mich. Comp. Laws § 125.2704
Eligibility of applicant to rent and purchase property; criteria; substance abuse testing; verification of school attendance.
(1) An applicant that meets all the following criteria is eligible to rent and purchase property as a qualified buyer under this act: (a) The applicant is employed and has been employed for the immediately preceding 1-year period or is otherwise able to meet the financial commitments under this act as determined by the…
Mich. Comp. Laws § 125.2705
Application to rent property; lease agreement; provisions; conditions for deeding property.
(1) A qualified buyer may apply to the administrator to rent certain property in that local governmental unit. The application shall be in a form and in a manner provided by the administrator. If the application is approved, the qualified buyer and administrator shall enter into a lease agreement for the premises. Exce…
Mich. Comp. Laws § 125.2706
Disposition of rent receipts.
(1) If the local governmental unit acts as the administrator under this act, the rental receipts shall be deposited in a separate fund within the general fund of the local governmental unit. If the local governmental unit contracts with a nonprofit community organization to act as the administrator under this act, the…
Mich. Comp. Laws § 125.2707
Additional powers.
The powers of a local governmental unit prescribed in this act are in addition to any other powers provided by law or charter.
Mich. Comp. Laws § 125.2708
Audit.
Not less than every 2 years, the administrator shall hire an independent auditor to audit the books and accounts of the urban homestead program operated by the administrator. Upon completion, the audit report shall be made available to the public.
Mich. Comp. Laws § 125.2709
Late or delinquent rent.
A qualified buyer eligible for and participating in the urban homestead program shall be allowed the opportunity to make up any late or delinquent rent due. The administrator shall notify the individual of the arrearage and determine a payment schedule to make up past due rent.