Mich. Admin. Code R. 125.144 - Conditions and special determinations in authorizations

Current through Register Vol. 21-17, October 1, 2021

Rule 144. A resolution of the authority authorizing a mortgage loan or a mortgage loan commitment of the authority, the issuance of which is authorized by such a resolution, shall include such conditions as the authority considers appropriate with respect to the commencement of construction of the proposed housing project, the marketing and occupancy of such housing project and the use, disbursement, and repayment of the mortgage loan authorized. A resolution or mortgage loan commitment may include a financial analysis of the subject housing project, which shall establish the initial schedule of rents or occupancy charges, the approved budget for operation of the housing project, and the schedule of use of the proceeds of the mortgage loan. A resolution authorizing a mortgage loan to an applicant which is a limited dividend housing corporation or limited dividend housing association shall include a determination of the maximum reasonable and proper rate of return on the investment of the applicant in the proposed housing project, which determination shall be made upon a consideration of the then existing conditions in the housing industry and financial markets and rates of return then prescribed by other governmental agencies.

Notes

Mich. Admin. Code R. 125.144
1979 AC

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