2013 Senate Bill 347 / Public Act 116

Expand MSHDA developer subsidies

Introduced in the Senate

May 1, 2013

Introduced by Sen. Mark Jansen (R-28)

To empower the Michigan State Housing Development Authority (MSHDA) to use money in reserve funds to “invest” (buy ownership interest) in companies or nonprofits whose “primary purpose is to acquire ownership interests in multifamily housing projects” (and not necessarily build new ones).

Referred to the Committee on Economic Development

May 16, 2013

Reported without amendment

With the recommendation that the bill pass.

Passed in the Senate 36 to 2 (details)

Received in the House

May 16, 2013

Referred to the Committee on Commerce

June 12, 2013

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

June 18, 2013

Substitute offered

To adopt a version of the bill that also allows this government agency to start new for-profit companies and other entities.

The substitute passed by voice vote

Amendment offered by Rep. Frank Foster (R-107)

To clarify a provision earmarking a portion of any potential profits from the purchased entities.

The amendment passed by voice vote

Sept. 12, 2013

Amendment offered by Rep. Frank Foster (R-107)

To allow MSHDA to purchase loans related to the type of activities the bill would permit, rather than just to "make" loans.

The amendment passed by voice vote

Passed in the House 88 to 20 (details)

To empower the Michigan State Housing Development Authority (MSHDA) to use money in reserve funds to “invest” (buy ownership interest) in companies or nonprofits whose “primary purpose is to acquire ownership interests in multifamily housing projects” (and not necessarily build new ones).

Received in the Senate

Sept. 17, 2013

Passed in the Senate 35 to 1 (details)

Signed by Gov. Rick Snyder

Sept. 24, 2013