Michigan

The Michigan State Housing Development Authority updated its 2019-2020 LIHTC Program Application as well as the 2019-2020 Scoring Summary, Addendum I, and Tab L. Michigan also released  this memo explaining the changes.

The Michigan State Housing Development Authority posted the 2019 Notice of Tax Credit Funding Round. Applications are due by 5:00 pm EDT on October 1, 2019.

The subcommittee on Oversight and Investigations of the House Financial Services Committee (HFSC) will hold a hearing titled “An Examination of the Housing Crisis in Michigan, 11 Years after the Recession” at noon EDT on August 8 at the Wayne County Community College north west campus (8200 Outer Drive West, Detroit, MI 48219). The full […]

The Michigan State Housing Development Authority posted Notices of Funding Availability (NOFAs) for its the HOME/Mortgage Resource Fund (MRF) Gap Financing Program and the National Housing Trust Fund (HTF) Gap Financing Program. For the HOME/MRF NOFA, $9 million in funding is available and applications are due Aug. 15, 2019. For the HTF NOFA, $4.8 million in funding is available and applications are due Oct. 15, 2019.

The Michigan State Housing Development Authority (MSHDA) is pleased to announce upcoming competitive funding rounds for two different financial resources to assist multi-family rental developments:  1) the federal Housing Trust Fund Program and 2) the MSHDA Gap Financing Program.  Each program is available to provide financial resources that are generally to be used in conjunction […]

The Michigan State Housing Development Authority (MSHDA) is pleased to announce a competitive opportunity for local units of government and/or nonprofit organizations to assist neighborhoods statewide through a Request for Proposal (RFP) window through January 25, 2019.   The RFP can be found on MSHDA’s website at Request for Proposal. The NEP’s goals are to identify and fund innovative […]

Affordable/Market Rent Differential Points: As noted in the LIHTC Program Updates memorandum dated July 30, 2018, applicants seeking Affordable/Market Rent Differential points will be required to name up to three comparable market-rate properties so that the market analyst can assist MSHDA with verifying the rents being charged at the comparable properties and determine whether the […]

The Excel version of the 2019-2020 LIHTC Program Application has also been updated. This update fixes some income averaging formulae, and also contains updated rents.

The approval letter and final documents are available on the “Qualified Allocation Plan” page of MSHDA’s web site.

The program represents a one year, $30 million allocation.

A memorandum dated June 13, 2018 and titled “Income Averaging Guidance” has been posted to the LIHTC Recent Updates page of the MSHDA website. 

The Gap Financing Program NOFA is designed to improve MSHDA’s direct-lending production and to assist with being able to finance tax-exempt bond transactions utilizing the 4% Low Income Housing Tax Credit.