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Learn about Michigan State Housing Development Authority Bonds, including Featured News and The Team.
LANSING, Mich. – Highlighting its response to the great demand for quality affordable housing, the Michigan State Housing Development Authority (MSHDA) Board approved the blueprint for how the state will administer the next funding round under the Low-Income Housing Tax Credit (LIHTC) program.
After months of public comment and partner collaboration, the 2021 Qualified Allocation Plan strategy aligns with MSHDA’s mission of partnering to provide quality housing that is affordable. It also positions the state to better address current market conditions in urban and rural areas which suffer from a lack of affordable rental housing. Under the plan, MSHDA will hold the next LIHTC funding round on February 1, 2021 to allocate 100% of the 2021 LIHTC ceiling representing approximately $250 million of investment.
The QAP now heads to Governor Whitmer for her approval and signature.
“The changes incorporated into this Qualified Allocation Plan take into account the current social and economic climate and should help bring more affordable housing to the areas of Michigan where it’s needed,” said Susan Corbin, MSHDA Board chair and acting director of the Department of Labor and Economic Opportunity. “By holding a large funding round early in the year, we will help bring much-needed, quality low-income housing developments online sooner.”
The board also approved the use of up to $3 million in Housing Choice Voucher (HCV) administrative fees to help incentivize landlords to open more units to HCV tenants and contracted housing agents to get voucher holders into homes faster. Setting aside funds for damage claims also will allow HCV landlords to recoup up to $3,000 to repair damaged units.
“Investing in best practices like this will help us address our strategic focus area of reducing homelessness,” said MSHDA Acting Executive Director Gary Heidel. “By allocating additional resources, MSHDA can better assist homeless and extremely low-income families by shortening the search time for locating eligible housing. It also encourages new landlords to make their rental units available to voucher holders and encourages current landlords to continue to participate in the program.”
The issuance and sale of a combination of tax-exempt and taxable single-family mortgage revenue bonds totaling about $282 million also met board approval. This action is expected to fund approximately 2,500 single-family mortgage loans, making homeownership more attainable for individuals and families in Michigan.
The Michigan State Housing Development Authority (MSHDA), established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.
LANSING, Mich. – The Michigan State Housing Development Authority (MSHDA) Board permanently established the MSHDA MOD Program with a funding allocation of $2 million for the 2020-21 fiscal year, announced $149.8 million in rental housing revenue bonds, and affirmed interest in participating in the HUD Mobility Voucher Demonstration program.
The MSHDA MOD program facilitates and encourages the construction of housing units at an attainable price point, which is typically below $200,000. The pilot program of MSHDA MOD successfully demonstrated that modular homes can be utilized as a catalyst for workforce housing. Making this program permanent advances MSHDA’s mission of creating attainable, affordable housing and increasing access to it in rural and urban neighborhoods. The funding will come from MSHDA’s Housing Development Fund.
“The initial success of the MSHDA MOD pilot program in communities across the state has illustrated the need and viability for this important program on a permanent basis,” said Jeff Donofrio, MSHDA Board chair and director of the Department of Labor and Economic Opportunity. “Continuation of MSHDA MOD will enable more communities to address affordable, attainable, and immediate workforce housing needs.”
The board also approved two bond issues in a total amount of $149,810,000. One rental housing revenue bond will fund the construction or rehabilitation of 15 affordable housing developments, and the other allows the Authority to refund higher interest bonds, creating a savings of approximately $5.3 million.
“These bond issuances are an extremely important part of our work as they directly fund the development and preservation of affordable rental housing or provide savings that can be passed on to address future housing and community development needs in Michigan,” MSHDA Chief Financial Officer Jeff Sykes said.
In addition, the Board approved MSHDA’s pursuit of participating in the Mobility Voucher Demonstration program, offered by the United State Department of Housing and Urban Development (HUD). Through the program, voucher assistance and mobility-related services would be provided to families with children to: create opportunities to move to lower-poverty areas; expand participants’ access to high-opportunity areas; and evaluate the effectiveness of strategies pursued under the demonstration program.
Inclusion would allow MSHDA to implement a housing mobility program by offering mobility-related services to increase the number of voucher families with children living in designated high-opportunity areas. If selected, MSHDA anticipates receiving a minimum of 100 additional vouchers as well as mobility-related service funding to support these efforts.