Michigan State Housing Development Authority
MSHDA Issues Single-Family Mortgage Revenue Bonds
LANSING, Mich. -- On March 12, 2016, the Michigan State Housing Development Authority (MSHDA) issued $96,815,000 in single-family mortgage revenue bonds. Proceeds from the bond sale will be used to fund first mortgage loans and down payment assistance loans.
State statute requires that for the first 60 days after the announcement of a single-family program financed the proceeds of mortgage revenue bonds, MSHDA must reserve 50 percent of the proceeds for persons or families making 60 percent or less of the statewide gross income. At present, 60 percent of statewide gross income is $37,500.
It also is required by statute that notice of the issuance of these bonds be made public.