The Lansing State Journal reported on 11/27/2009 that the Great Lakes Capital Fund is offering buyouts to some of its employees to cut costs.  According to the LSJ article the Cap Fund hopes to save $1.2 - $1.4 million or about 20% of its overhead costs over the next 12 months.  In the statement issued by the [...]

The MSHDA Board met on 7/22/2009.  Executive Director, Keith Molin, gave a report on the status of its NSP2 Grant Application.  The Application was submitted on behalf of a consortium of local communities and land banks.  The total amount of the Application is $290 Million.  A copy of the application is not yet available, but [...]

Today, the MSHDA Board meet and acted on the following agenda items:
1.  Approved modifications to the Multi-Family Direct Lending Parameters.  
2.  Approved mortgage loan feasibility for Homecrest.
3.  Approved the appointment of a management agent to take over Algonquin Apartments.
4.  Approved amendments to the mortgage loan commitment for Crystal View Apartments.
5.  Approved additional amendments to the mortgage [...]

HUD has announced its second round of NSP funding.  Unlike the first NSP funding round where HUD funds were allocated based on a CDBG formula, this round will be a national competition.  Applicants have 150 days from May 3, 2009 to submit their proposals.  Eligible activities include those that address home foreclosure and abandonment, capacity [...]

1.  Approved sale of both single family and multi-family bonds.  The sale of the single family bonds will help re-open the program. 
2.  Approved Draft Lending Parameters for Multi-family program.  These are posted on the MSHDA website and comments are still being accepted.  A final version of the Lending Parameters will be considered at the June [...]

The following actions were taken by the MSHDA Board at its regular monthly meeting:
1.  Approved a change in funding for the Blight Elimination Program in the Cities of Promise from MHSDA funds to NSP funds.
2.  Approved the promulgated rules for the Housing and Community Development Fund to assure consistency with MSHDA’s Act.
3.  Authorized the termination [...]

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 [...]

MSHDA has posted its NSP Application form and Guidelines on its website.  Applications are April 23rd.  Go to http://michigan.gov/mshda/0,1607,7-141–202883–,00.html to download this material.

Today, MSHDA published a notice opening a public comment period on its Consolidated Plan.  In order to receive certain federal funds, MSHDA is required to submit a Performance Reoprt on the Consolidated Plan to HUD.  The draft 2008 Performance Report is available upon request at MSHDA’s Lansing office.  Interested parties are invited to make written [...]

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 [...]