Introduced
by
To create a Michigan Affordable Housing Fund and Michigan Housing and Community Development Program, which would allow the Michigan State Housing Development Authority (MSHDA) to provide taxpayer-subsidized grants and loans to selected organizations or companies that provide housing for low income households. Among other things the legislation would allow MSHDA to provide subsidies which would help companies or organizations compete for a limited amount of transferable federal tax credits available for providers of affordable multi-family housing. MSHDA already allocates these federal tax credits, which are the means by the which the largest number of government subsidized “affordable” low income housing units are created each year in Michigan. The package, comprised of Senate Bills 522 to 524, also provides for 105-percent single business tax credits for contributions to the program. The same proposal is contained in House Bills 4787 to 4789.
Referred to the Committee on Local, Urban, and State Affairs
Amendment offered
The amendment passed by voice vote
