Housing: other; housing and community development fund; modify. Amends sec. 58c of 1966 PA 346 (MCL 125.1458c). TIE BAR WITH: HB 4539'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies the Michigan Housing and Community Development Fund by expanding the types of projects and activities the State Housing Development Authority (SHDA) can fund. Specifically, it allows the SHDA to provide grants, loans, and assistance for a broader range of housing-related initiatives, including land acquisition, rehabilitation, new construction, and foreclosure prevention. It also clarifies the authority’s ability to support nonprofit organizations and community development efforts.
Key provisions
- Expands the types of loans and grants the SHDA can provide to eligible applicants.
- Allows funding for activities like land acquisition, rehabilitation, and new construction.
- Includes assistance for down payment and security deposits.
- Provides support for foreclosure prevention and assistance programs.
- Authorizes funding for community development projects, including infrastructure and blight elimination.
- Permits loans at no interest or below-market rates for predevelopment financing.
- Allows assistance for housing units with mixed income levels.
- Requires consideration of advice from the Statewide Housing Partnership Council.
Who is affected
- Low-income and very low-income households
- Nonprofit organizations
- Community development financial institutions
- Municipalities
- Land bank fast track authorities
Bill text
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Document of record
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- House Introduced Bill
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