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 44c (MCL 125.1444c), as amended by 2012 PA 345.
Senate Bill 417 would amend the State Housing and Development Authority Act to make several modifications to the Michigan State Housing Development Authority (MSHDA) Pass Through Bond Program, including authorizing MSHDA to use the proceeds of the bonds to finance certain senior housing projects, accept private placements as a form of credit enhancement, and allow eligible borrowers to have up to $100.0 million in outstanding loan commitments.
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 26 to 12 (details)
Referred to the Committee on Economic Development and Small Business
Reported without amendment
Passed in the House 58 to 51 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Motion to give immediate effect
Consideration postponed
Received
Motion to give immediate effect
The motion prevailed by voice vote
