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

Michigan Michigan () is a U.S. state, state in the Great Lakes region, Great Lakes region of the Upper Midwest, upper Midwestern United States. With a population of nearly 10.12 million and an area of nearly , Michigan is the List of U.S. states and ...

under the umbrella of the

Michigan Department of Labor and Economic Opportunity The Michigan Department of Labor and Economic Opportunity (LEO) is a principal department of the State of Michigan. History Background Two previous principal departments of Michigan existed that focused on job training, the Department of Labor an ...

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 or housing development) is a group of homes and other buildings built together as a single development. The exact form may vary from country to country. Popular throughout the United States a ...

, 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 lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that ...

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 stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mort ...

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 cooperatives, 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 ea ...

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

References

{{authority control Affordable housing Housing Development Authority

History

See also

References