MI HB4951

Restructures Section 44 of the State Housing Development Authority Act by reorganizing subsections into numbered subsections (1) through (14) for clarity while maintaining existing provisions.

Changes purchase price limits for 1- to 4-unit housing units from specific dollar amounts ($224,500 for 1-2 family, $261,625 for 3-family, $299,000 for 4-family) to 90% of the average area purchase price as determined under Internal Revenue Code Section 143(e).

Increases the authority's ability to raise purchase price limits for unexpected construction costs or disability adaptations from $3,500 to $10,000.

Replaces multiple statutory references to the Condominium Act definition of "condominium unit" with a single definition in new subsection (14)(a) for streamlined organization.

Updates references to the Internal Revenue Code to specify "of 1986" for IRC Sections 142 and 143, and revises mandatory language from "shall" to "must" throughout the section.