Mich. Admin. Code R. 125.181 - Eligible applicants
Rule 181. An applicant for a property improvement loan shall satisfy all of the following requirements:
(a) An applicant shall be an individual fee
owner of the residential structure to be improved or an individual
member-shareholder in a nonprofit cooperative housing corporation who has a
proprietary interest in a residential structure. The residential structure may
be subject to a mortgage or other lien securing a debt.
(b) An applicant shall meet credit
requirements as established by the authority.
(c) The residential structure to be improved
must not be in violation of applicable zoning ordinances or other applicable
land use guidelines.
(d) The
residential structure may not contain more than 24 dwelling units.
(e) The applicant shall use property
improvement loan proceeds to finance only new improvements upon, or in
connection with, existing structures and shall not use the property loan
proceeds to refinance an existing mortgage or debt, or to complete an
unfinished residential structure.
(f) All improvements must be reasonably
capable of being completed, except for causes beyond the applicant's reasonable
control, within 6 months of the date of the first disbursement of funds
pursuant to the property improvement loan. The authority may extend this period
for good cause shown.
Notes
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