MSHDA allocates $155,000 to fund local homeownership opportunities
Chippewa County homebuyers receive MSHDA grant
SAULT STE. MARIE, MICH. – August 12, 2015 – (RealEstateRama) — Two Chippewa County homebuyers will receive help to purchase and rehabilitate their new homes through a MSHDA HOME grant awarded to the Chippewa-Luce-Mackinac Community Action Agency Human Resource Authority, Inc.
“MSHDA is passionate about investing in communities to make them a better place to live,” said MSHDA executive director Kevin Elsenheimer. “It is exciting that one grant can be used for multiple purposes, all of which work toward improving the living conditions in Chippewa County.”
The grant totaling $155,000 will be used to provide down payment assistance and rehabilitate two homes as well as fund a CLMCAA acquisition/development/resale (ADR) project within the city limit of Sault Ste. Marie. The ADR project involves the purchase and rehabilitation of real estate by CLMCAA and the eventual sale of the completed development project to an income-eligible owner-occupant.
“Part of Michigan’s comeback, in addition to more jobs and an improving economy, is that of homeownership,” said state Sen. Wayne Schmidt, R-Traverse City. “Owning a home is key to building a strong family foundation, helps northern Michiganders secure their economic future, and helps foster thriving communities throughout our state. With this down payment and rehabilitation assistance, MSHDA is helping to make Michigan the best place to live, work and raise a family.”
CLMCAA’s purpose is to mobilize and utilize resources in an attack on poverty; to provide decent affordable housing for persons of low and moderate income; to provide services, assistance and other activities of sufficient size and scope to give promise to program to elimination of poverty, or its cause.
Homebuyer assistance is used to expand homeownership opportunities for income-eligible homebuyers through the acquisition, rehabilitation or new construction of single-family units. Funds may be used to help buyers qualify for conventional financing or to rehabilitate existing units offered for sale in the local market.
The Michigan State Housing Development Authority (MSHDA) provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents and to engage in community economic development activities to revitalize urban and rural communities.*
*MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda.
