The Michigan State Housing Development Authority (MSHDA) is a quasi-public agency of the U.S. state of

Michigan Michigan ( ) is a peninsular U.S. state, state in the Great Lakes region, Great Lakes region of the Upper Midwest, Upper Midwestern United States. It shares water and land boundaries with Minnesota to the northwest, Wisconsin to the west, ...

under the umbrella of the Michigan Department of Labor and Economic Opportunity.

History

MSHDA was created as a result of the State Housing Development Authority Act of 1966 (Act 346 of 1966). The purpose of this act was to establish funds in

housing development A housing estate (or sometimes housing complex, housing development, subdivision or community) is a group of homes and other buildings built together as a single development. The exact form may vary from country to country. Popular throug ...

, land acquisition and development, rehabilitation, conversion condominium fund, and to provide for the expenditure of certain funds. In addition, it was created to authorize the making and purchasing of

loan In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the deb ...

s, differed payment loans, and grants to qualified developers, sponsors, individuals, mortgage lenders, and municipalities. The State Housing Development Authority Act of 1966 also established and continues to provide acceleration and

foreclosure Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has Default (finance), stopped making payments to the lender by forcing the sale of the asset used as the Collateral (finance), coll ...

procedures, provide

tax exemption Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, redu ...

, authorize payments instead of taxes by nonprofit housing corporations, consumer

housing cooperative A housing cooperative, or housing co-op, is a legal entity which owns real estate consisting of one or more residential buildings. The entity is usually a cooperative or a corporation and constitutes a form of housing tenure. Typically hou ...

s, limited dividend housing corporations,

mobile home park A trailer park, caravan park, mobile home park, mobile home community or manufactured home community is a temporary or permanent area for mobile homes and travel trailers. Advantages include low cost compared to other housing, and quick and e ...

corporations, and mobile home park associations, and prescribe criminal penalties for violations of the act.

References

{{authority control Affordable housing Housing Development Authority State housing agencies in the United States

History

See also

References