MSHDA Has Made Two Changes to the Updated Parameters

The Michigan State Housing Development Authority has made two changes to the updated parameters that were posted on October 17, 2014.  The changes are as follows:

1. Added a long practiced, but previously unwritten underwriting assumption to the LIHTC/Tax-Exempt Bond or Taxable Bond Rent Restrictions section for all new construction or vacant acquisition rehab transactions. This parameter requires that for proforma purposes, the underwritten rents for all units restricted to the MTSP 60% AMI limit, be limited to 95% of 30% of the MTSP 60% AMI limit.
2. MSHDA made one minor correction to the first bulleted item within the “Section 236 Preservation Rent Restriction” section from; “30% of 45% of the MTSP AMI limit” to “30% of the MTSP 45% AMI limit”.

Final comments will be accepted through October 31.