2023 Senate Bill 293

AI Analysis – Experimental

This bill revises definitions and guidelines, including terms like "adjusted household income" and "downtown area," and categorizes income levels from "extremely low income" to "middle income." It sets criteria for "eligible applicants" such as not-for-profit and for-profit corporations, municipalities, and partnerships to develop affordable housing projects. The legislation specifies eligible buildings and projects, including mixed-use and multifamily housing, and introduces the Michigan Housing and Community Development Program to coordinate and finance housing solutions for low to middle-income households. Additionally, the bill mandates the development of a biennial allocation plan based on regional needs, requires public hearings for plan development, and calls for an annual report on fund expenditures. It also allows for grants, loans, and other financial assistance for a broad range of housing-related activities, aiming to address the housing needs of various income households across the state. This includes support for community development projects, insurance, down payment and security deposit assistance, foreclosure prevention, efforts to end homelessness, predatory lending prevention, and assistance for housing units for very low to extremely low-income households. The authority is also empowered to provide no or low-interest loans and consider advice from the statewide housing partnership council, ensuring a comprehensive approach to affordable housing.