This is a reminder that MSHDA is hosting a public comment session on Friday, February 25, 2011 at 2 p.m. at MSHDA’s Lansing office.  The purpose of the session is to receive comments from interested parties regarding potential changes to the Qualified Allocation Plan.  A draft Qualified Allocation Plan will be made available at a [...]

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 [...]

MSHDA  took the following action at its board meeting last week:
1.  Approved through another delegated authority process 8 projects participating in the 9% Exchange Program and three participating in the 9% Equity Support Program.
2.  Approved changes in the 9% Equity Support Program increasing the pricing support by 10 cents to 35 cents or higher if necessary [...]

MSHDA met on 10-28-09 and took the following actions:
1.  Authorized the Executive Director to grant TCAP and/or 1602 loans to 8 projects - LaVogue, St. Aubin Sq., Gadenview IIA & IIB, Oakland Place, Goodrich Apartments, and Ballentine Apartments. 
2.  Besides this delegated authority granted to the Executive Director, MSHDA approved the following TCAP and/or 1602 Loans [...]

On 7/17/09 MSHDA published its list of applications for LIHTC Exchange funds.  This list represents the total universe of potential “monetized” deals that would be processed on the US Treasury’s 1602 program.  Total amount of returned credit is $201,971,968.
See the entire list at:  http://www.michigan.gov/documents/mshda/MSHDA-Recovery-TaxCreditExchangeProgramApplicants7.19.09_286395_7.pdf

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 [...]

MSHDA published its draft application for TCAP funding late last week.  Go to: http://www.michigan.gov/mshda/0,1607,7-141-5546-211383–,00.html to view this proposal for HUD funding.

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 [...]