MSHDA Board Approves Nearly $5.4 Million in Employer-Assisted Housing Grants

Media Contacts:

• Katie Bach, BachK@michigan.gov
• Anna Vicari, VicariA@michigan.gov

MSHDA Board Approves Nearly $5.4 Million in Employer-Assisted Housing Grants

LANSING, Mich. – Today, the Michigan State Housing Development Authority (MSHDA) Board approved the first Employer-Assisted Housing Fund grants for six communities across the state from Petoskey to Royal Oak.

The Employer-Assisted Housing Fund (EAH) is a bold, state-funded pilot initiative designed to help employers invest in housing solutions for income-eligible households. The Fund is backed by $10 million in state funding and offers direct support to employers that contribute matching funds through cash investments, land donation, a below-market interest loan, or a combination to help develop new housing options.

“The Employer-Assisted Housing Fund is another great tool in our toolbox to address the housing shortage in Michigan,” said Amy Hovey, MSHDA CEO and Executive Director. “These grants are more than an investment in housing; we’re investing in our workforce, our economic stability, and our future.”

These Employer-Assisted Housing Fund grants approved by the board will support housing opportunities for 479 income-eligible households:

• Munson Healthcare in Traverse City contributed $500,000 and will receive a matching grant to create a housing stipend offering 42 employees up to $1,000 per month for housing costs, for those who commit to a 24-month employment contract.
• Manthei, Inc. in Petoskey contributed $490,000 and will receive a matching grant for a down payment assistance program to make homeownership possible for up to 14 employees.
• Sun Title in Grand Rapids donated land valued at $3.1 million. A grant match of $2 million will be used for the development of a new mixed-use building that will include 171 residential units for those at or below 120% Area Median Income (AMI), with 37 units reserved as EAH units.
• Cascade Engineering and Spectrum Enterprise in Wyoming contributed a combined $100,000 and will receive a matching grant for a down payment assistance program to make homeownership more accessible for up to 27 employees.
• Champion Automotive Group Inc. in Royal Oak contributed $2 million and will receive a matching grant for the development of 209 attainable housing units, with 20 units reserved as EAH units.
• Greater Flint Health Coalition contributed $300,000 and will receive a matching grant to implement a down payment assistance program for up to 16 employees. The amount of assistance per employee will aim to keep housing costs below 36% of the employee household’s monthly income.

Developments in Detroit, Kalamazoo, and Grand Haven Township were also approved by the board for MSHDA funding.

MI Neighborhood has reserved $55.7 million in grants statewide to support 1,472 units of housing as a result of this month’s board action.

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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.