An act to amend 1966 PA 346, entitled “An act to create a state housing development authority; to define the powers and duties of the authority; to establish a housing development revolving fund; to establish a land acquisition and development fund; to establish a rehabilitation fund; to establish a conversion condominium fund; to create certain other funds and provide for the expenditure of certain funds; to authorize the making and purchase of loans, deferred payment loans, and grants to qualified developers, sponsors, individuals, mortgage lenders, and municipalities; to establish and provide acceleration and foreclosure procedures; to provide tax exemption; to authorize payments instead of taxes by nonprofit housing corporations, consumer housing cooperatives, limited dividend housing corporations, mobile home park corporations, and mobile home park associations; and to prescribe criminal penalties for violations of this act,” by amending section 32 (MCL 125.1432), as amended by 2020 PA 73.
This bill amends the 1966 PA 346 to empower the State Housing Development Authority to establish capital reserve funds for securing its notes and bonds. Introduced by Senator Cavanagh, the amendment specifies funding sources for these reserves, including state appropriations and proceeds from notes or bonds, and permits alternative security arrangements like letters of credit or insurance policies, subject to state treasurer approval. These funds are earmarked for the payment of principal, interest, and related costs of the authority's financial obligations, with measures to ensure capital reserve fund requirements are met. The act also imposes a $10 billion cap on the authority's outstanding bonds and notes, excluding certain types, and delineates allocations for qualified mortgage bonds and projects, thereby providing a structured financial framework for the authority's operations. Additionally, it outlines the authority's responsibilities in maintaining solvency, leveraging federal housing subsidies, and developing programs for mobile homes, consumer housing cooperatives, and the improvement of existing housing stock. It mandates annual and interim reporting on program goals, obstacles, benefits, displacement issues, reinvestment activities, demographic impacts, and includes specific reports on the status of federal programs assisting low-income tenants, the low income housing tax credit program, education and training opportunities, and refinancing activities.
Introduced
by
Referred to the Committee on Housing and Human Services
Reported without amendment
Referred to the Committee of the Whole
Reported without amendment
Passed in the Senate 24 to 13 (details)
Referred to the Committee on Economic Development and Small Business
Reported with substitute H-1
Substitute H-1 concurred in by voice vote
Passed in the House 57 to 53 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Substitute H-1 concurred in 24 to 14 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
