Mich. Comp. Laws § 125.2721
Short title.
This act shall be known and may be cited as the "urban homesteading in multifamily public housing act".
Michigan Compiled Laws — URBAN HOMESTEADING IN MULTIFAMILY PUBLIC HOUSING ACT (Act 84 of 1999)
Michigan · statute · 84 of 1999, Mich. Comp. Laws · 14 active provisions
Provisions
Mich. Comp. Laws § 125.2722
Definitions.
As used in this act: (a) "Applicant" means an individual and the spouse of that individual if that spouse intends to occupy the property with the individual. (b) "Homestead agreement" means a written contract between a resident organization or successor entity and a qualified buyer that contains the terms under which t…
Mich. Comp. Laws § 125.2723
Urban homestead program in multifamily public housing; availability of property to qualified buyers; resolution; appeals process to applicants and buyers.
By resolution, and subject to federal and state law, a local governmental unit may authorize a housing commission within that local governmental unit to operate an urban homestead program in multifamily public housing to administer a homesteading program that makes multifamily public housing properties available to res…
Mich. Comp. Laws § 125.2724
Acquisition of housing project by resident organization; conditions; payment of fees and operation subsidies; management training and counseling; application for grant funds.
(1) A resident organization in a housing project that contracts with a housing commission to manage the housing project shall acquire the housing project after not less than 5 years if the resident organization successfully manages the housing project and each member of the resident organization meets the criteria in s…
Mich. Comp. Laws § 125.2725
Transfer of legal ownership.
(1) If the resident organization has successfully managed the housing project under this act and each member of the resident organization meets the criteria in section 6, the housing commission shall transfer legal ownership to the resident organization for $1.00. However, if the housing commission received federal fun…
Mich. Comp. Laws § 125.2726
Acquisition of public housing property; eligibility to enter homestead agreement; substance abuse testing; verification of school attendance.
(1) An applicant who meets all the following criteria is eligible to enter into a homestead agreement to acquire public housing 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 commitm…
Mich. Comp. Laws § 125.2727
Acquisition of public housing unit in which qualified buyer resides; application; felony as automatic termination; conditions for transfer of legal ownership; escrow account.
(1) A qualified buyer may apply to the resident organization or successor entity to acquire the public housing unit in which the qualified buyer resides. The application shall be in a form and in a manner provided by the resident organization or successor entity. If the application is approved, the qualified buyer and…
Mich. Comp. Laws § 125.2728
Mortgage loans.
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 authori…
Mich. Comp. Laws § 125.2729
Right of first refusal.
For 5 years after a qualified buyer takes ownership of a unit under this act, the resident organization or successor entity has a right of first refusal if the qualified buyer desires to sell his or her unit acquired under this act. During the 5-year period, the resident organization or successor entity may repurchase…
Mich. Comp. Laws § 125.2730
Legal ownership by resident organization or successor entity; effect on residents who do not become owners.
(1) Residents of the housing project who resided in the housing project before the resident organization or successor entity took legal ownership may continue to reside in the premises under the same terms and conditions as when the property was owned by the housing commission. (2) The Michigan state housing developmen…
Mich. Comp. Laws § 125.2731
Federal waivers.
If a waiver of federal law, rule, or policy is needed to implement this act, the housing commission, the Michigan state housing development authority, and the resident organization may work together to obtain the appropriate waivers from the appropriate federal authorities.
Mich. Comp. Laws § 125.2732
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 § 125.2733
Audit.
(1) Not less than every 2 years, the housing commission shall hire an independent auditor to audit the books and accounts of a resident organization under a management contract to a housing commission. (2) Not less than every 2 years, a resident organization that has taken legal ownership of a housing project or proper…
Mich. Comp. Laws § 125.2734
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.