The Michigan State Housing Development Authority (Authority) updated its Pass-Through Bond Program. Projects participating in this program may use Pass-Through Bonds as long-term financing (construction and permanent financing) or as short-term financing (construction financing only). All projects must show evidence of credit enhancement that is acceptable to the Authority.
Applicants will be required to commit to income and rent restrictions to target at least ten percent of the total affordable units in the project for households whose income is at or below 40 percent of Area Median Income. In Lieu of the ten percent affordable unit restriction, the Authority may permit applicants to commit to satisfying other important mission objectives such as developing or rehabilitating projects in rural areas or projects that meet the definition of Permanent Supportive Housing and have all necessary services available, etc. Pass-Through Bond Program applicants should use the application and related forms on the Combined Application page.
