STATE HOUSING DEVELOPMENT AUTHORITY ACT OF 1966 (EXCERPT)
Act 346 of 1966
Chapter 10
125.1499 Mutual housing association generally.
Sec. 99.
A mutual housing association shall be a nonprofit corporation or cooperative corporation incorporated pursuant to the laws of this state or authorized to transact business in this state that operates in accordance with this chapter.
History: Add. 1989, Act 220, Imd. Eff. Dec. 11, 1989
Compiler's Notes: For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
125.1499a Mutual housing association; corporate name.
Sec. 99a.
The term "cooperative" or "mutual housing association" shall be included as a part of the corporate name as set forth in the certificate of incorporation of a mutual housing association.
History: Add. 1989, Act 220, Imd. Eff. Dec. 11, 1989
125.1499b Mutual housing association; requirements.
Sec. 99b.
A mutual housing association shall meet all of the following requirements:
(a) At least 75% of its voting members or shareholders shall be residents of housing owned or operated by it.
(b) A major purpose of the mutual housing association shall be to provide high quality, long-term housing to low and moderate income persons who have no equity or ownership interest in the housing except through membership in the mutual housing association, and who shall have the following rights:
(i) A right to become a member of the mutual housing association.
(ii) A right to participate in the ongoing operation and management of the housing.
(iii) A right to continue to reside in the housing for as long as the member complies with the terms of the occupancy agreement and rules and regulations of the mutual housing association, and meets any health requirements that the mutual housing association establishes as a condition of continued occupancy.
(c) Any profit or surplus earned by the mutual housing association is used, as determined by its board of directors, for 1 or more of the following purposes:
(i) To establish reserves.
(ii) To reduce rent.
(iii) To make physical improvements to the housing.
(iv) To develop or acquire new affordable housing.
History: Add. 1989, Act 220, Imd. Eff. Dec. 11, 1989
125.1499c Loans or grants.
Sec. 99c.
The authority may make a loan or grant to a nonprofit housing corporation or association, mobile home park corporation or association, or limited dividend housing corporation or association that is established and controlled by a mutual housing association on the same basis as a loan or grant may be made to such an organization not established and controlled by a mutual housing association.
History: Add. 1989, Act 220, Imd. Eff. Dec. 11, 1989
Rendered 8/15/2025 8:06 AM
Michigan Compiled Laws Complete Through PA 5 of 2025
Courtesy of legislature.mi.gov