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August 22, 2025
Media Contacts:
Katie Bach, bachk@michigan.gov
Anna Vicari, vicaria@michigan.gov
MSHDA to Launch Michigan Housing Accelerator Fund
LANSING, Mich. — During its August meeting, the Michigan State Housing Development Authority (MSHDA) Board approved the Michigan Housing Accelerator Fund, a new resource to expand affordable housing through investment in the development of mixed-income units.
“We are working relentlessly to provide innovative tools to solve the state’s housing crisis and are making great progress, but we’re still 119,000 units short,” said Amy Hovey, MSHDA CEO & Executive Director. “The Michigan Housing Accelerator Fund allows us to move quickly with a solution that helps address the gap at a much faster rate, creating more housing opportunities throughout Michigan.”
The Michigan Housing Accelerator Fund will provide financing options to assist in the development of mixed-income projects by bridging financing gaps through a combination of Authority funding sources that provide lower costs of capital and require a commitment to affordability. Through this new tool, more affordable housing units will be produced in addition to units already being created or preserved annually through Low-Income Housing Tax Credits and other existing affordable housing resources. All projects using the Fund will require board approval prior to closing. Many projects currently in MSHDA’s pipeline will qualify for this new funding source, and it is anticipated funding will be allocated quickly.
“All across the country, housing agencies are beginning to stand up these creative, revolving capital sources to speed up housing production across the income spectrum,” said Paul Williams, Executive Director of the Center for Public Enterprise, a non-profit organization that has worked with MSHDA and other housing agencies on such programs. “MSHDA is putting itself at the forefront of solving the housing shortage by responding to the emerging needs of Michigan’s housing market.”
The board also approved the sale of Series A-1 and A-2 Rental Housing Revenue Bonds to fund 24 multifamily developments. Five affordable housing developments in Detroit were also approved for MSHDA funding.
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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.