Homeowner Assistance Fund, Single-Family Mortgage Revenue Bonds Receive MSHDA Board Approval
July 27, 2021
July 27, 2021
LANSING, Mich. - The Michigan State Housing Development Authority (MSHDA) Board has approved two bond resolutions to support the purchase of mortgage loans and the agency's Down Payment Assistance (DPA) program.
The bonds will provide for approximately $283 million in single-family mortgage loans, allowing MSHDA to originate loans for over 2,400 individuals or families purchasing homes throughout Michigan. The bonds will also support MSHDA's DPA program, which offers up to $7,500 in down payment assistance statewide or up to $10,000 in DPA to eligible homebuyers in select areas in Michigan.
The bond resolutions were approved during the Board's July meeting.
"These bond resolutions provide the necessary funding for MSHDA's mission-critical programs that help eligible individuals and families get into their homes when they otherwise might not be able to," said MSHDA Chief Financial Officer Jeff Sykes.
The Board also reviewed and approved the proposal for the Michigan Homeowner Assistance Fund (MIHAF), which is a significant step forward in the development of the program. MIHAF was established as part of the American Rescue Plan Act of 2021 to mitigate hardships associated with the COVID-19 pandemic for homeowners. The program, expected to be available later this fall, will help prevent homeowner mortgage delinquencies, defaults, loss of utilities or home energy services, and displacement of homeowners experiencing financial adversity after January 21, 2020.