2023 House Bill 5030

Housing: housing development authority; note and bond purchase for cancellation; modify.

A bill to amend 1966 PA 346, entitled “State housing development authority act of 1966,” by amending section 30 (MCL 125.1430), as amended by 1982 PA 506.

AI Analysis – Experimental

House Bill 5030 proposes modifications to the State Housing Development Authority Act of 1966. Specifically, it amends Section 30 to grant the State Housing Development Authority the power to use available funds to purchase its own notes or bonds. These purchased notes or bonds can then be canceled at specified redemption prices, which vary depending on whether they are currently redeemable or will become redeemable on a future date. Additionally, the bill allows the authority to pay a higher price for these notes or bonds if it is determined to be in the authority's best interest.

Introduced in the House

Sept. 20, 2023

Introduced by Rep. Betsy Coffia (D-103) and 18 co-sponsors

Co-sponsored by Reps. Felicia Brabec (D-33), Carrie Rheingans (D-47), Jason Morgan (D-23), Jimmie Wilson (D-32), William Bruck (R-30), Helena Scott (D-7), Tullio Liberati (D-2), Julie Brixie (D-73), Amos O’Neal (D-94), Phil Skaggs (D-80), Kimberly Edwards (D-12), Stephanie Young (D-16), Kara Hope (D-74), Jasper Martus (D-69), Jenn Hill (D-109), John Roth (R-104), Kathy Schmaltz (R-46) and Abraham Aiyash (D-9)

Referred to the Committee on Economic Development and Small Business

April 23, 2024

Reported without amendment

June 12, 2024

Passed in the House 59 to 49 (details)

Motion to give immediate effect by Rep. Abraham Aiyash (D-9)

The motion prevailed by voice vote

Received in the Senate

June 13, 2024

Referred to the Committee on Housing and Human Services

Oct. 30, 2024

Reported without amendment

Oct. 31, 2024

Referred to the Committee of the Whole

Dec. 10, 2024

Reported without amendment