MSHDA Awards $825k Affordable Housing Grant to Habitat for Humanity Michigan
LANSING, Mich. – (RealEstateRama) — A minimum of 61 families will be one step closer to owning a home with help from an $825,000 grant awarded to Habitat for Humanity Michigan by the Michigan State Housing Development Authority.
“Access to affordable housing contributes to the overall health of a community. Because of funding from our strong community partners such as MSHDA, we are able to empower more homeowners in our communities,” said Sandra Pearson, president and CEO of Habitat for Humanity Michigan.
Qualifed Michigan families could receive up to $12,000 toward owning a Habitat home. The sum can be used for principal reduction and assistance with prepaid costs. A reimbursement of $350 per family is also available for pre-purchase counseling administered by a MSHDA or HUD certified counselor.
Habitat selects partner families based on need, ability to pay and willingness to partner with the organization. Families interested in purchasing a Habitat home must commit to a minimum of 250 sweat equity hours toward their future house or with another Habitat for Humanity project.
Eligible families must have a total household income between 30 and 60 percent–not to exceed 80 percent–of area median income as determined by HUD.
“Partnering with an organization like Habitat for Humanity Michigan spurs the development of more quality affordable housing in Michigan and it has the positive impact of helping low-income families become homeowners,” said MSHDA Executive Director Kevin Elsenheimer.
MSHDA is able to provide this financial support to Habitat Michigan through a HOME grant, a HUD program designed to increase homeownership and affordable housing opportunities for low- and very low-income Americans.
Long-term affordability to create a stable, sustainable living situation is Habitat’s ultimate objective, with a foreclosure rate of less than one percent.
“This program allows more people to have the stability and strength of a home, which leads to other long-term successes, including a decreased rate of teen pregnancy and an increased rate of college graduates,” said Pearson.
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.
Habitat for Humanity of Michigan is the state support organization for Michigan’s 70 Habitat for Humanity affiliates which serve nearly every county in the state. HFHM’s mission is to increase the capacity of Habitat for Humanity affiliates in Michigan to build or renovate simple, decent homes in partnership with people in need.
Contact:
Misty Miller
MSHDA Communications
517-373-1858
Sandy Pearson
Habitat for Humanity Michigan
517-485-1006 ext. 11
