MichiganState Housing Development Authority Continues to Deliver the Dream of Homeownership to Michigan Families
LANSING – A proclamation from Governor Jennifer M. Granholm has recognized the significant efforts of the Michigan State Housing Development Authority (MSHDA) to affordably house Michigan residents through its programs and services by proclaiming June as Homeownership Month in Michigan the Authority announced today.
“Owning a home strengthens families, stabilizes neighborhoods, builds vibrant communities, enhances self-sufficiency, and promotes personal well-being,” said Interim Executive Director Keith Molin. “In just the last year, MSHDA reports commitments for loans to nearly 3,600 households for a total of $357 million. Those figures have doubled from the previous year.”
Molin said that June is designated as Homeownership Month nationwide and in spite of Michigan’s slumping economy, MSHDA can help residents take advantage of the buyer’s market.
“For over 40 years, MSHDA has continued its commitment to providing affordable housing and improving communities,” said Molin. “MSHDA is not only committed to providing affordable housing, but also to giving homeowners the proper tools to be successful in their quest for homeownership. Requiring the necessary homebuyer education classes and counseling is essential to overall self-sufficiency for the homeowner long after the loan process is complete.”
Molin explained that MSHDA’s newly established refinance mortgage products will help some homeowners maintain their piece of the American dream. The products; MSHDA Assist Refinance Program and MSHDA Rescue Refinance Program will help qualified homeowners who are having trouble paying either their adjustable rate or fixed-rate mortgage by refinancing them into a lower interest fixed-rate mortgage.
The Employer Assisted Housing Program (EAH) is an exceptional program that is targeted to potential employers across Michigan, to encourage Employer Assisted Housing. Funding for EAH is through two already existing programs at MSHDA – Down Payment Assistance and Single-Family Home Mortgages.
MSHDA’s LINKS to Homeownership program provides homeownership opportunities for Michigan families, including down payment assistance. For those who qualify, the LINKS to Homeownership program may be accessed through agents in each Michigan county, depending on where the family lives. A list is available on the MSHDA Web site located at www.michigan.gov/mshda. Further information may be obtained by calling one of the agents that corresponds to the county where a prospective homebuyer is located.
MSHDA’s Graduate Purchase Assistance Program (GPA) is targeted toward recent college graduates who have received an associates, bachelors, masters or doctoral degree within three years of applying for a loan. The loan is a conventional loan program with an interest rate approximately two percent below market rate. The GPA program applies only to properties located within Michigan’s eight Cities of Promise; Detroit, Benton Harbor, Hamtramck, Highland Park, Muskegon Heights, Flint and Saginaw.
In addition to all of the Homeownership programs available through MSHDA, the Authority also offers a Property Improvement Program (PIP) which offers low interest loans to low- to moderate-income homeowners and property owners who provide housing for low- to moderate-income residents. The PIP loan can be used to do almost any type of permanent general improvement such as installing new windows and insulation or replacing the roof or heating system.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in building vibrant cities and neighborhoods, and address homeless issues. MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
