May 1, 2013, Introduced by Senators JANSEN, KOWALL and SMITH and referred to the Committee on Economic Development.
A bill to amend 1966 PA 346, entitled
"State housing development authority act of 1966,"
(MCL 125.1401 to 125.1499c) by adding section 22d.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 22d. (1) In addition to the powers described in section
22(n), the authority may, in its discretion, invest money held in
reserve or sinking funds, or money not required for immediate use
or disbursement, in entities, including limited partnerships and
limited liability companies, whose primary purpose is, directly or
indirectly, to acquire ownership interests in multifamily housing
projects in this state or to make loans with respect to such
projects, or both. The authority shall not make an investment
authorized by this subsection unless the authority determines that
the return on the investment is reasonably expected to be equal to
or greater than the return the authority is then receiving on
investments authorized under section 22(n).
(2) The authority shall possess all powers necessary or
incidental to make the investments authorized in subsection (1),
including, but not limited to, the power to establish any of the
following:
(a) Limited partnerships, limited liability companies, profit
and nonprofit corporations, and other entities.
(b) The conditions under which the entities described in
subdivision (a) may acquire ownership interests in or make loans
with respect to multifamily housing projects as provided in
subsection (1).
(3) As used in this section, "multifamily housing project"
means a housing project that includes multiple dwellings and in
which a minimum of 50% of the square footage of floor space is used
primarily for residential purposes.