During its May meeting, the Michigan State Housing Development Authority Board learned about an expansion of MSHDA’s down payment assistance program and approved financial transactions and renovations to senior living developments in Grand Rapids and St. Joseph.
Executive Director Amy Hovey shared the MI 10K DPA program has been extended statewide, helping low and middle-income homebuyers across Michigan overcome the biggest barrier to homeownership: the down payment. The program, effective May 8, was previously only offered in only 236 zip codes.
“The MI 10K DPA program has been incredibly successful in helping make homeownership more attainable for people across the state,” Hovey said. “Since it accounted for 70% of all of our down payment assistance applications, we thought it made good sense to expand it, so every Michigan resident has access to these increased resources to make homeownership an achievable goal.”
MSHDA’s $7,500 down payment assistance loan, which before May 8 was the only statewide DPA offering, has been phased out.
During her remarks, Hovey also touted a session MSHDA is hosting at the Detroit Regional Chamber’s Mackinac Policy Conference on May 30. She will be moderating a panel discussion, How Employers Can Help Solve Michigan’s Housing Affordability Crisis, with Michigan business leaders.
“Michigan is in a housing crisis, and businesses of all sizes and geographic areas have made it clear that housing costs and the lack of housing availability in Michigan is making it hard to attract, recruit and retain talent. This session will shine light on how businesses can be agents of change in the housing landscape, leading to positive outcomes for their companies, employees, and communities,” Hovey said.
While Hovey acknowledged there is no one-size-fits-all approach to filling the housing gaps, she said Michigan’s first Statewide Housing Plan offers a blueprint for action.
“We recently entered the implementation phase of the Statewide Housing Plan, and we know that within Michigan we have the connections, expertise and innovative solutions – and some significant funding – that will help build vibrant communities with affordable/workforce housing, which is at the core of continued business growth and prosperity and opportunity for our great state.”
In other action, the board:
• Approved a $1.75 million loan increase to complete the acquisition and rehabilitation of 56 senior living units at Academy Senior Residences four in Grand Rapids, bringing the total loan amount to $7 million. Sixty percent of the units will be reserved for tenants at 60% of Area Median Income (AMI) and 10% of units must be targeted to households whose income is at or below 40% AMI.
• Approved loan totaling approximately $12 million for a renovation of The Vineyards in St. Joseph, which is equipped with 51 units for seniors. New in-unit safety features will be installed, including new tubs, showers and fire protection devices in kitchens. On the exterior, residents will see sidewalk replacements, repaved parking lots, new windows, roofing, and more.
“Older adults are a significant and growing portion of Michigan’s population and we’re pleased to support projects that will help them secure safe and affordable housing,” Hovey said.
Older adults (age 65 and older) account for approximately 17% of Michigan’s population and have the second-lowest annual income among adults, according to data outlined in the Statewide Housing Plan.
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