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Michigan to Invest in Workforce Housing Through New Employer-Assisted Housing Fund

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Michigan to Invest in Workforce Housing Through New Employer-Assisted Housing Fund
Governor Whitmer unveils new MSHDA program at Northern Michigan Policy Conference

Traverse City, Mich. – Governor Gretchen Whitmer announced today that the State of Michigan will soon launch the Employer-Assisted Housing Fund, a new matching fund to boost businesses investing and partnering to address the workforce housing shortage in the state.

Michigan is creating 14 new jobs for each new housing unit. The state’s economy is growing, but housing opportunities are not keeping pace. To help close the gap, the Michigan State Housing Development Authority (MSHDA) will administer the new $10 million Employer-Assisted Housing Fund, supported by this year’s state budget appropriations. Additional funding may be made possible with further legislative support.

“The Employer-Assisted Housing Fund will bring businesses, local government, developers, and MSHDA together to build housing for employees,” said Governor Whitmer. “If we want people to move to our communities for work, they need affordable places to call home nearby. I’m looking forward to seeing new partnerships built so we can work together to build a heck of a lot more housing, grow local business and our population.”

“We appreciate the Legislature and Governor for funding this new pilot program, which will help us strengthen communities around Michigan’s growing businesses,” said Amy Hovey, MSHDA Chief Executive Officer and Executive Director. “Guided by the Statewide Housing Plan, we’re making strategic investments to align housing development with our state’s needs, job creation and population growth. The new Employer-Assisted Housing Fund will allow us to build on that success and create even more opportunities for Michiganders.”

Applications will be reviewed on a first-come, first-served basis. Eligible uses include construction projects, as well as innovative programmatic approaches to housing opportunity such as down payment assistance.

Each application must include an employer contribution, such as donated land, a cash gift, equity investment, a below-market interest loan, or some combination approved by MSHDA. All housing units funded by the Employer-Assisted Housing Fund must be attainable to income-eligible households.

MSHDA will begin accepting applications on Monday, February 24. Prior to that date, guidance will be provided on the Employer-Assisted Housing page on MSHDA’s website.

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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.