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Issuer Type: Housing
Single Family Mortgage Revenue Bonds
Single Family Mortgage Bonds
Rental Housing Revenue Bonds
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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. - Two affordable housing projects in Wayne and Jackson counties were approved to receive more than $10 million in funding support each from the Michigan State Housing Development Authority (MSHDA) during its March board meeting.
The MSHDA board approved an inducement resolution for Woodland Hills Apartments in Jackson to acquire and rehabilitate 125 affordable housing units. Inducement resolutions enable developers to be reimbursed for eligible project expenditures from a tax-exempt bond loan. Each unit will receive comprehensive interior updates, including energy-efficient appliances, fixtures and hot water heaters, as well as new cabinets, counters, plumbing and more. Additional exterior improvements to landscaping, roofing, windows and siding, as well as common area upgrades and elevator repairs will also be conducted. Approximately 27 full-time construction jobs are expected to be created as part of the project.
In Detroit, the MSHDA board authorized the issuance of bonds and a bond-financed loan for the construction of Mid Apartment Projects, a new 61-unit affordable housing development. The developer will reserve 14% of the units for tenants at or below 30% of area median income. The rest of the units will be for tenants with income levels up to 80% of area median income.
"Both of these projects align with MSHDA's vision of providing every Michigander access to quality, safe, affordable housing - which we know is the cornerstone of diverse, thriving communities," said Susan Corbin, MSHDA Board chair and acting director of the Department of Labor and Economic Opportunity. "These projects will serve a critical role in bringing them to life and creating a positive ripple effect in Detroit, Jackson and beyond."
In other rental development activity, the board approved a new mortgage loan for $1.5 million for Minges Creek Village Apartments in Battle Creek for property improvements, including replacement of entry doors and hardware, cabinets, countertops, sinks, faucets, toilets, hot water heaters, flooring and more.
The board also adopted and approved the Annual Fiscal Year 2021-2022 Public Housing Authority (PHA) Plan and the proposed changes to the Administrative Plan for the Housing Choice Voucher (HCV) Program. The annual PHA Plan governs the Authority's administration of the HCV Program as required by the U.S. Department of Housing and Urban Development (HUD). The Administrative Plan changes are to:
"The proposed changes to the plans assist MSHDA in ensuring rental assistance is delivered effectively and efficiently to those most in need. By articulating clearer standards, MSHDA helps program participants better understand their rights and responsibilities under the Housing Choice Voucher Program," MSHDA Chief Housing Solutions Officer Kelly Rose said.
Katie Bach, BachK@michigan.gov
LANSING, Mich. – During its February meeting, the Michigan State Housing Development Authority (MSHDA) Board approved more than $27 million in loans to support the construction of a new affordable housing project in Howell Township.
The board approved a tax-exempt bond construction and permanent mortgage loan for $27,251417, and a permanent subordinated loan for $314,221, to finance the construction of Union at Oak Grove. The development will offer 220 units for income-qualified households with incomes at 60% of the area median income. It will feature 72 one-bedroom units, 108 two-bedroom units, and 40 three-bedroom units, all of which will feature modern amenities such as in-unit washers and dryers and on-site parking for residents and guests.
“At MSHDA, our vision is to give every Michigan resident access to quality, affordable housing as a foundation for them to reach their full potential,” said Chad Benson, MSHDA rental development director. “Projects like Union at Oak Grove that bring new affordable housing stock to the market are incredibly important for bringing that vision to life.”
A measure also was approved to enter into a revolving line of credit with US Bank. The agreement will allow for MSHDA to borrow up to $100 million to fund the purchase of single-family mortgages and down payment assistance loans, like the recently announced MI 10K DPA program, prior to the issuance of long-term financing.
Katie Bach, BachK@michigan.gov
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.”