NEWS RELEASE
MICHIGAN STATE HOUSING DEVELOPEMENT AUTHORITY
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LANSING – Today, MSHDA Chief Executive Officer and Executive Director Amy Hovey praised the Michigan House Economic Development and Small Business Committee for reporting out Senate Bill 417, part of a MSHDA-backed bipartisan package that would improve the Authority’s governance, accountability, and ability to serve more Michiganders.
“We are grateful to our bipartisan bill sponsors, committee members, and Committee Chair Hoskins for taking this step and look forward to seeing the remaining bills move through the legislative process soon,” said Amy Hovey, MSHDA CEO and Executive Director. “These bills will provide the flexibility needed to respond quickly to Michigan’s evolving housing market conditions.”
The bipartisan legislative package includes:
- Senate Bill 417, allows MSHDA to expand the use of its pass-through short-term bond program, an enhancement that would encourage increased housing production.
- House Bill 5032, raises the legislative cap that bars the Authority from backing single-family mortgages on houses with a purchase price of more than $224,500, a limit that has been in place since 2009. Michigan’s housing market has changed a lot since then, but more importantly, this change would affix the purchase price limit to 90% of the sales price maximum set by the IRS, bringing Michigan in line with other Midwest states.
- House Bill 5031, allows the member of MSHDA’s Board who represents Housing Choice Voucher recipient residents to have full voting privileges, instead of being restricted to voting on matters involving federal public housing programs and Section 8 tenant-based assistance programs.
- House Bill 5030, allows MSHDA to have discretion to decide when to cancel its own debt, instead of being required to cancel the debt upon purchasing it. This would allow MSHDA more flexibility to respond to market conditions.
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