HB 4540

substitute for
House BILL NO. 4540
A bill to amend 1966 PA 346, entitled
"State housing development authority act of
1966,"
by amending section 58c (MCL 125.1458c), as amended by
2008 PA 216.
the peoplE of the state of michigan enact:
Sec. 58c. (1) The authority shall expend
money in the fund to make grants, mortgage loans, or other loans to eligible
applicants as provided in this section to enable eligible applicants to finance
any of the following with respect to housing or
home ownership for low income, low-income, very low
income, and low-income, extremely low income low-income, or
middle-income households: and with respect to projects located in a downtown area
or adjacent neighborhood:
(a) Acquisition of
land and buildings.
(b) Rehabilitation.
(c) New
construction.
(d) Development and
predevelopment costs.
(e) Preservation of
existing housing.
(f) Community
development projects, including, but not limited to, infrastructure
improvements, economic development projects, blight elimination, or community
facilities.
(g) Insurance.
(h) Operating and
replacement reserves.
(i) Down payment
assistance.
(j) Security
deposit assistance.
(k) Foreclosure
prevention and assistance.
(l) Individual development accounts
established under the individual or family development account program act,
2006 PA 513, MCL 206.701 to 206.711.206.901 to 206.911.
(m) Activities
related to ending homelessness.
(n) Assistance, including, but not limited
to, support of capacity building, local and regional planning, and housing
studies, to nonprofit organizations, community
development financial institutions, municipalities, and land bank fast
track authorities organized under the land bank fast track act, 2003 PA 258,
MCL 124.751 to 124.774.
(o) Predatory
lending prevention or relief.
(2) The authority shall may expend a
portion of the fund for housing for persons with
physical or mental handicaps persons with
disabilities and persons people living in eligible distressed areas.
(3) The authority
may make a loan to an eligible applicant from the fund at no interest or at
below market interest rates, with or without security, and may make a loan for
predevelopment financing.
(4) The authority
may provide assistance to eligible applicants for housing units for very low income or low-income,
extremely low income low-income, or middle-income households within
multifamily housing that is occupied partly by very low income or low-income,
extremely low income low-income, or middle-income households and partly by
households that do not qualify as very low income or
low-income, extremely low income low-income, or
middle-income households, subject to the rules promulgated by the
authority.
(5) The authority
may expend money in the fund for all other things necessary to achieve the
objectives and purposes of the fund or this chapter.
(6) When performing
functions under this chapter, the authority shall consider advice provided by
the committee statewide
housing partnership council created under
section 58e.by Executive Order No. 2022-10.
Enacting section 1.
This amendatory act does not take effect unless all of the following bills of
the 103rd Legislature are enacted into law:
(a) House Bill No. 4539.
(b) House Bill No. 5101.