During its March meeting, the Michigan State Housing Development Authority (MSHDA) Board expanded its efforts to increase Michigan’s housing supply through modifications to the Housing and Community Development Fund (HCDF) and developments in Detroit and Holland.
“We’re moving quickly to increase Michigan’s housing stock and expand access to attainable housing,” said Amy Hovey, MSHDA CEO and executive director. “The initiatives approved by the Board ensure MSHDA can address Michigan’s housing crisis holistically with solutions that work for residents and developers.”
As a result of actions by the Michigan State Legislature in February 2024 to amend Public Act 281 of 1967, the Board approved a modification to the Housing and Community Development Fund Allocation Plan to account for an appropriation of $50 million to the Housing and Community Development Fund. This action will allow the HCDF to continue supporting goals outlined in Michigan’s Statewide Housing Plan, including building affordable and accessible rental housing, providing greater homeownership opportunities for Michigan residents and more.
The Board approved a waiver of the prepayment prohibition for the mortgage loan of On the River, a 280-unit development in Detroit. The waiver will allow the property owner to prepay the mortgage loan based on a plan to rehabilitate the property and refinance a third-party mortgage. This will allow the development to remain affordable until December 31, 2041.
A deadline extension for the sale and delivery of Multifamily Housing Revenue Bonds for HoM Flats at 24 East in Holland was also approved by the board.
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