Housing: other; housing and community development fund; modify. Amends secs. 58, 58b & 58c of 1966 PA 346 (MCL 125.1458 et seq.).
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Michigan Housing and Community Development Fund, which provides resources for affordable housing projects. It establishes guidelines for allocating funds, prioritizing projects in downtown areas and adjacent neighborhoods, and specifically targets housing for low-income, very low-income, and extremely low-income households, including those experiencing homelessness. The bill also outlines requirements for reporting on fund expenditures and engaging the public in the allocation process.
Key provisions
- Establishes a formula for allocating funds based on poverty rates, disabilities, and accessible housing units.
- Requires at least 25% of the fund to support rental housing projects not targeted to special populations.
- Mandates at least 30% of the fund for projects serving extremely low-income households, including supportive housing and homeless services.
- Sets aside at least 20% of rental housing units for households earning no more than 60% of the area median income.
- Requires a biennial allocation plan with public hearings and opportunities for virtual participation.
- Requires an annual report to the governor and legislature summarizing fund expenditures.
- Allows for grants, loans, and other financial assistance for various housing-related activities.
- Prioritizes assistance to nonprofit organizations, community development financial institutions, and municipalities.
Who is affected
Bill text
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