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2012 House Bill 5617: Expand state home improvement loan guarantee and subsidy program

Public Act 344 of 2012

Introduced by Rep. Dale W. Zorn (R) on May 10, 2012 To expand the authority of the Michigan State Housing Development Authority (MSHDA) to provide government loan guarantees on home improvement loans to individuals with “low and moderate income.” Specifically, the bill would increase the family income cap for such loans to 175 percent of the statewide median gross income ($105,700), up from the current cap of $65,000 (or $74,750 in a designated “distressed area), and allow for a 30-year repayment period instead of 20 years.   Official Text and Analysis.
Referred to the House Commerce Committee on May 10, 2012
Reported in the House on May 29, 2012 Without amendment and with the recommendation that the bill pass.
Passed 82 to 22 in the House on September 19, 2012 (same description)
To expand the authority of the Michigan State Housing Development Authority (MSHDA) to provide government loan guarantees on home improvement loans to individuals with “low and moderate income.” Specifically, the bill would increase the family income cap for such loans to 175 percent of the statewide median gross income ($105,700), up from the current cap of $65,000 (or $74,750 in a designated “distressed area), and allow for a 30-year repayment period instead of 20 years.
Received in the Senate on September 20, 2012
Referred to the Senate Economic Development Committee on September 20, 2012
Reported in the Senate on October 17, 2012 With the recommendation that the bill pass.
Passed 32 to 5 in the Senate on October 17, 2012 (same description)
To expand the authority of the Michigan State Housing Development Authority (MSHDA) to provide government loan guarantees on home improvement loans to individuals with “low and moderate income.” Specifically, the bill would increase the family income cap for such loans to 175 percent of the statewide median gross income ($105,700), up from the current cap of $65,000 (or $74,750 in a designated “distressed area), and allow for a 30-year repayment period instead of 20 years.
Signed by Gov. Rick Snyder on November 7, 2012

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