The tax exemption established in Subsection (1) of Section 15a of Act No. 346 of the Michigan Public Acts of 1966, as amended, shall not apply to any and all housing projects situated within the boundaries of the City which are financed with any mortgage aided by, or any financial advance or grant from, the United States Government or the State Housing Development Authority of the State of Michigan.
[Adopted 2-28-1984 by Ord. No. 895 as Art. II of Ch. 304 of the 1984 Code]
It is the legislative intent of this article that the City implement the provisions contained in Subsection (2) of Section 15a of Act No. 346 of the Michigan Public Acts of 1966, as amended, to the end that nonprofit housing projects within the corporate boundaries of the City shall not be exempt from ad valorem property taxation as provided in Subsection (1) of Section 15a of said Act.
This article shall be effective with respect to any housing project for which an exemption has already been granted in the year 1968.