Rule 190. The authority shall use the Michigan housing and
community development fund created in section
58 a of the act, MCL
125.1458a, to provide loans,
grants, or other comparable forms of assistance to eligible applicants to
finance, acquire, rehabilitate, and develop decent, safe, and sanitary housing
and projects located in a downtown area or adjacent neighborhood in this state.
The use of the Michigan housing and community development fund is limited to
activities outlined in sections
58 b and 58c of the act, MCL
125.1458b and
125.1458c, as follows:
(a) Developing and coordinating public and
private resources to meet the housing needs of low-income, very low-income, and
extremely low-income households in this state, particularly innovative
strategies leveraging public and private resources to meet these
needs.
(b) Developing housing for
the homeless, including both transitional housing and permanent
housing.
(c) Developing rental
housing.
(d) Providing funding to
eligible applicants with respect to housing or homeownership for individuals
and families of low-income, very low-income, and extremely low-income
households and projects located in a downtown area or adjacent neighborhood in
this state, including funding for all of the following:
(i) Acquisition of land and
buildings.
(ii)
Rehabilitation.
(iii) New
construction.
(iv) Development
costs and predevelopment costs.
(v)
Preservation of existing housing.
(vi) Community development projects,
including, but not limited to, infrastructure improvements, economic
development projects, blight elimination, or community facilities.
(vii) Insurance.
(viii) Operating and replacement
reserves.
(ix) Down payment
assistance.
(x) Security deposit
assistance.
(xi) Foreclosure
prevention and assistance.
(xii)
Individual development accounts established under the individual or family
development account program act, 2006 PA 513, MCL
206.901 to
206.911.
(xiii) Activities related to ending
homelessness.
(xiv) Assistance to
nonprofit organizations, municipalities, and land bank fast track authorities
organized under the land bank fast track act, 2003 PA 258, MCL
124.751 to
124.774.
(xv) Predatory lending prevention or
relief.
