Michigan Compiled Laws, Chapter 125. Planning, Housing and Zoning § 125.2702

(a) “Administrator” means a local governmental unit, or a nonprofit community organization under contract with a local governmental unit.

(b) “Applicant” means an individual and the spouse of that individual if that spouse intends to occupy the property with the individual.

(c) “Local governmental unit” means a county, city, village, or township.

(d) “Nonprofit community organization” means an organization exempt from taxation under section 501(c)(3) of the internal revenue code of 1986 with experience in housing issues and that contracts with a local governmental unit to administer an urban homestead program under this act.

(e) “Qualified buyer” means an applicant who meets the criteria in section 4.  1

(f) “Qualified loan rate” means an interest rate not to exceed the adjusted prime rate determined in section 23 of 1941 PA 122, MCL 205.23, minus 1 percentage point as determined by the department of treasury.