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December 20, 2024
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MSHDA Leader Applauds Passage of House Bill 5032, Paving the Way for Expanded Homeownership Opportunities in Michigan
Lansing, Mich. – Today, MSHDA Chief Executive Officer and Executive Director Amy Hovey praised the Michigan Senate for passing House Bill 5032, a critical piece of bipartisan legislation that will expand homeownership options for Michiganders. The bill now heads to Governor Gretchen Whitmer for signature.
“We are thrilled that the Legislature is lifting its cap on MSHDA’s single-family mortgages. This is a transformative step for Michigan families looking to purchase a home,” said Hovey. “By making this needed reform, we’re ensuring more residents have access to the financing they need to secure an affordable home.”
The bill updates the legislative cap on MSHDA-backed single-family mortgages by linking it to an index—90% of the IRS maximum sales price—rather than the current flat cap of $224,500. This adjustment will allow for annual updates that keep pace with housing market changes and bring Michigan in line with other Midwest states.
When the flat cap was set in 2009, the average home purchase price in Michigan was $100,000, according to the Michigan Realtors. In contrast, as of July 2024, the average price has surged to $301,000, underscoring the need for this legislative update.
“We’re incredibly grateful to the bipartisan sponsors and legislative leaders who championed this effort,” Hovey added. “Their hard work and collaboration will have a lasting impact on Michigan families and communities. With this bill, MSHDA will be better equipped to support homebuyers and address the state’s housing needs.”
Once signed into law, the updated mortgage cap is expected to benefit prospective homebuyers within 90 days.
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About MSHDA
The Michigan State Housing Development Authority (MSHDA), established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.