Act No. 53

Public Acts of 2008

Approved by the Governor

April 2, 2008

Filed with the Secretary of State

April 3, 2008

EFFECTIVE DATE: April 3, 2008

STATE OF MICHIGAN

94TH LEGISLATURE

REGULAR SESSION OF 2008

Introduced by Reps. Tobocman, Dean, Lahti, Sheltrown, Simpson, Scott, Meadows, Miller, Alma Smith, Sak, LeBlanc, Clack, Hammel, Lemmons, Hammon, Byrum, Gonzales, Polidori, Corriveau, Constan, Wojno, Kathleen Law, Leland, Espinoza, Clemente, Brown, Ebli, Hopgood, Bauer, Jackson, Accavitti, Bennett, Bieda, Calley, Cheeks, Coulouris, Cushingberry, Donigan, Gaffney, Huizenga, Robert Jones, Mayes, Moolenaar, Moore, Proos, Schuitmaker, Virgil Smith, Valentine, Warren and Young

ENROLLED HOUSE BILL No. 5443

AN ACT to amend 1966 PA 346, entitled "An act to create a state housing development authority; to define the powers and duties of the authority; to establish a housing development revolving fund; to establish a land acquisition and development fund; to establish a rehabilitation fund; to establish a conversion condominium fund; to create certain other funds and provide for the expenditure of certain funds; to authorize the making and purchase of loans, deferred payment loans, and grants to qualified developers, sponsors, individuals, mortgage lenders, and municipalities; to establish and provide acceleration and foreclosure procedures; to provide tax exemption; to authorize payments instead of taxes by nonprofit housing corporations, consumer housing cooperatives, limited dividend housing corporations, mobile home park corporations, and mobile home park associations; and to prescribe criminal penalties for violations of this act," by amending section 32a (MCL 125.1432a), as amended by 2004 PA 535.

The People of the State of Michigan enact:

Sec. 32a. With respect to bonds, other than refunding bonds, issued to finance single family homes after November1, 1989, for the first 60 days following the announcement of a program funded by the proceeds of those bonds, 50% of the proceeds of those bonds available to make loans, as determined by the preliminary information obtained by originating lenders at the time a reservation is submitted, shall be reserved for applicants with gross annual incomes at or below 60% of the statewide median gross income. The authority may, by resolution, waive this requirement. The authority shall advise the house of representatives and senate standing committees with jurisdiction over housing issues 5 days prior to adopting a resolution waiving this requirement. With respect to bonds, other than refunding bonds, issued to finance single family homes after November 1, 1989, not more than 50% of the proceeds of those bonds may be used to finance single family homes for homebuyers who previously have had an ownership interest in a residence. For purposes of this section, a previous ownership interest in a mobile home shall not be considered to be an ownership interest in a residence. The authority may rely on the applicant's affidavit to determine whether or not the applicant has had a prior ownership interest in a residence. The authority shall publicize the programs funded under this section by using all reasonable means available, including, but not limited to, public interest announcements in the media, and announcements to lending institutions, community groups, and real estate organizations. The authority shall submit a report annually to the legislature containing all statistics necessary to indicate its compliance with this section. This section does not apply to bonds issued to refinance single family homes.

Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 94th Legislature are enacted into law:

(a) House Bill No. 5446.

(b) Senate Bill No. 948.

(c) Senate Bill No. 950.

(d) Senate Bill No. 951.

(e) Senate Bill No. 1133.

This act is ordered to take immediate effect.

Clerk of the House of Representatives

Secretary of the Senate

Approved

Governor