MSHDA published its new underwriting criteria for monetized credit and TCAP funded developments on Friday, April 17th.  These new requirements will be used to evaluate developments that either turn back 07 and 08 LIHTC reservations or who are seeking 09 monetized and TCAP funding and all other developments, including direct lending developments being financed with [...]

MSHDA has published its ARRA Implementation Plan and conducted one public listening session to encourage developers to turn back their 07 and 08 LIHTC reservations in exhcange for monetized credits and TCAP funding.  The listening session conducted on April 13th was well attending with a full room and at least 75 people calling in to [...]

Yesterday (March 25th), MSHDA senior staff announced its DRAFT American Recovery & Reinvestment Act Preliminary Implementation Plan.  The Draft Implementation Plan is available on the MSHDA website at:http://www.michigan.gov/mshda/0,1607,7-141-5546-211383–,00.html.  The Plan is broken down into 4 components - 9% Tax Credit Assistance Program; 9% Tax Credit Exchange Program; 4% Tax Credit Assistance Program; and Michigan Affordable [...]

MSHDA reported yesterday that Governor Granholm approved the 2009 Qualified Allocation Plan (QAP) presented to her by MSHDA in late February.  You can find the approval letter and the approved QAP by linking to: 
http://www.michigan.gov/mshda/0,1607,7-141-5587_5601-31750–,00.html

At its Board meeting in February, MSHDA approved Michigan’s Qualified Allocation Plan and sent it to the Governor for approval.  The QAP awards lots of points for “hard commitment” deals and “green” developments.  Additional points are awarded for seasoned developers.  The QAP also has some built-in flexibility to deal with Stimulus funds authorized by Congress and the [...]

MSHDA is holding several training sessions throughout the state to educate local units of government, non-profits organizations, for profit developers, and consultants on how MSHDA’s NSP program will work.  It was learned that a large portion of the $98 Million of federal aid will be used for a multi-family lending program that is still under [...]

The Granholm Administration has proposed an estimated cut of $6.2 Million in its program that transitions the elderly and persons with disabilities from nursing homes to community settings.  This might put crimp in MSHDA’s affordable assisted living program.  More to follow as budget process continues with Michigan Legislature.

MSHDA has received approval from HUD on its statewide Neighborhood Stabilization Program (NSP) Plan.  Workshops to learn about the competitive selection process are scheduled to occur throughout the state.  More information on the NSP and workshops can be found at:  http://michigan.gov/mshda/0,1607,7-141–202883–,00.html.  Workshops are free and should be attended by municipalities, non-profit housing and community development organizations, [...]

Below is a link to the recent Detroit Free Press editorial supporting the federal Low Income Housing Tax Credit Program.
http://www.freep.com/article/20090129/OPINION01/901290353/1069/OPINION/

MSHDA has posted its NOFA at its website, www.michigan.gov/mshda announcing the second round of funding availability.  This fund supports projects designed to fuel strategies leveraging public and private resources to meet the affordable housing needs of low income, very low income and extremely low income households and to finance projects located in downtown areas or adjacent neighborhoods, [...]