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Michigan State Housing Development Authority Bonds

Issuer Type: Housing

Bond Ratings

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Single Family Mortgage Revenue Bonds

Moody's
Aa2
S&P
AA+

Single Family Mortgage Bonds

Moody's
Aa2

Rental Housing Revenue Bonds

S&P
AA

Issuer Credit Rating

S&P
AA
Jeff Sykes

On behalf of the Michigan State Housing Development Agency, I would like to welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by the Agency, as it allows us to make critical investments in housing infrastructure throughout Michigan. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.

I hope you find this website useful as you seek to better understand the credit fundamentals of Michigan State Housing Development Agency. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.

Jeff Sykes, Chief Financial Officer

News & Highlights

January 22, 2021

News
MSHDA Board approves resolutions for two affordable housing developments

LANSING, Mich. – The Michigan State Housing Development Authority (MSHDA) Board approved inducement resolutions that will pave the way for two affordable housing projects during its January  meeting. These resolutions enable developers to be reimbursed for eligible project expenditures from a tax-exempt bond loan.

The board approved an inducement resolution for Carpenter Place Apartments in Pittsfield Township. Carpenter Place is expected to receive a $15 million tax-exempt bond loan to be used for acquisition and substantial rehabilitation of the 151-unit senior living apartment complex. Rehabilitation efforts will include extensive improvements, including common area and in-unit upgrades, mechanical and electrical replacements, and upgrades to exterior components such as the roof and concrete areas. Ninety percent of units will be reserved for tenants at 60% of Area Median Income (AMI) and 10% of units will be reserved for tenants at or below 40% AMI.

The board also approved an inducement resolution for Mid, a new development that will be built in the Brush Park area of Detroit.  Mid is expected to receive a tax-exempt bond loan in the amount of $9.8 million for construction of 61 affordable housing units in the City of Detroit. The proposed project will offer nine units at 30% of AMI, and the remaining 52 will average 60% AMI.  Mid will also include 127 market rate units. The development is expected to create 43 construction jobs in the community, as well as several permanent positions, including a site manager, maintenance personnel and security. 

“Both of these projects support MSHDA’s core mission to create and provide quality affordable housing for low- and moderate-income Michiganders across the state,” said Susan Corbin, MSHDA Board chair and acting director of the Department of Labor and Economic Opportunity. “We know affordable housing is foundational to vibrant, diverse communities, and we’re confident in the positive impact each of these projects will have in Washtenaw County and Detroit when completed.” 

Media Contact:
Katie Bach, BachK@michigan.gov
Tracey Houston, HoustonT1@michigan.gov

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November 20, 2020

News
MSHDA Board approves grants to Habitat for Humanity of Michigan and CEDAM, supports loans for acquisition and rehabilitation of affordable rental units in rural communities

LANSING, Mich. – The Michigan State Housing Development Authority (MSHDA) Board has approved several grants and loans to support programs and projects across Michigan.

The board approved the issuance of a $1.17 million Housing Development Fund grant to Habitat for Humanity of Michigan for three programs, with allocations supporting:

  • Up to $12,000 in down payment assistance to eligible low-income households and reimbursement of up to $350 for required HUD or MSHDA certified pre-purchase homebuyer education.
  • The Priority Home Repair (PHR) program to complete home rehabilitations and repairs in households at or below 60% area median income.
  • The Michigan Department of Corrections Prison Build program, which will provide 90 low-income families in Michigan with affordable, high quality products for their homes.

The PHR grants approved by the MSHDA Board will be matched by a $200,000 grant from the Consumers Energy Foundation. Together, MSHDA and the foundation have contributed $900,000 to the PHR program to date.

“The missions and efforts of MSHDA and Habitat for Humanity of Michigan are very closely aligned, especially when it comes to providing quality, safe, and affordable housing to Michiganders,” said Susan Corbin, MSHDA Board chair and acting director of the Department of Labor and Economic Opportunity. “The grants provided by MSHDA will play a critical role in ensuring the continued availability of these programs to help people in need in communities all across the state.”

The MSHDA Board also authorized the issuance of $19.6 million in limited obligation bonds as well as 10 loans funded by bond proceeds. The loans will be used to acquire and rehabilitate 10 projects in rural areas throughout the state – including the Upper Peninsula. The projects have 384 affordable housing units. Eight projects are designated as family housing and two are designated as elderly housing. All 384 units will be reserved for tenants at 60% of area median income or less. Seventy percent of the units across all projects will continue receiving Section 521 project-based rental assistance from U.S. Department of Agriculture, which will allow the projects to serve low and very low-income residents in their communities. 

“Through these loans, MSHDA is able to preserve and strengthen the current stock of affordable housing options at a time when we can’t afford to lose any housing for low-income individuals and families, particularly in rural areas,” said MSHDA Acting Executive Director Gary Heidel.

The board also approved a $360,000 Housing Development Fund grant to the Community Economic Development Association of Michigan (CEDAM) for data collection and analysis, capacity building, training, and partner engagement service. CEDAM has received MSHDA funds on an annual basis for more than 10 years.

Media Contact:
Katie Bach, BachK@michigan.gov
Tracey Houston, HoustonT1@michigan.gov

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November 5, 2020

News
MSHDA Wins the 2020 NCSHA Award

MSHDA Wins the 2020 NCSHA Award for its Below Market Rate Bond Program.

The 2020 NCSHA Award recognizes programs that best support the new construction of affordable rental housing.

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