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Issuer Type: Housing
Single Family Mortgage Revenue Bonds
Single Family Mortgage Bonds
Rental Housing Revenue Bonds
Issuer Credit Rating
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
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.