125.1424f Recapture tax fund; creation; establishment; payment; use.
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125.1424f Recapture tax fund; creation; establishment; payment; use.
Sec. 24f.
(1)There is created and established under the jurisdiction and control of the authority a fund to be known as the recapture tax fund.
(2)There may be paid into the recapture tax fund any money available to the authority from any source or sources, including, but not limited to, funds held by the authority. The authority is under no obligation to maintain a balance of money in the fund.
(3)The authority may use the money held in the fund to reimburse individual borrowers for any taxes the borrowers paid and for which they were liable under section 143(m) of the internal revenue code, or any similar recapture taxes applicable to programs the authority administers.
History: Add. 2008, Act 55 , Imd. Eff. Apr. 3, 2008
Compiler's Notes: Former MCL 125.1424f, which pertained to conversion condominium fund, was repealed by Act 183 of 1985, Imd. Eff. Dec. 18, 1985.