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Michigan State Housing Development Authority Bonds

Issuer Type: Housing

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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

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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

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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October 23, 2020

News
MSHDA Board approves 2021 plan for LIHTC program, Housing Choice Voucher contract updates, and sale of $282M in single-family mortgage revenue bonds

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.

About MSHDA
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.

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

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