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 Housing Reinvestment & Innovation Program.  Comments on the Plan may be sent to MSHDA at:   mshdarecovery@michigan.gov.   There will be a Q & A area provided at a future date and MSHDA will hold a public listening session on April 13th at its Lansing office.

In other Board action the Board:

1. Approved the TBRA (tenant-based rent assistance) Program for the year.

2.  Approved the PHA Plan which was revised to include assistance for persons aging out of foster care.

3.  Approved a Repayable Grant on the Elm Street Project.

4.  Granted Mortgage Loan Feasibility and a Loan Commitment for the Shire at Shelby Senior Housing Project.

5.  Approved changes in the Deferred Amenity Loan for El Tovar.

5.  Approved a partial mortgage discharge for Moore Living Center to accommodate a road construction project.

6.  Approved a contract term time extension on its contract with Onsight Insight,

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 comments and send them to MSHDA.  For additional information, contact Martha Baumgart at 517-373-6018.

The 2008 Consolidated Plan is available at:

http://www.michigan.gov/mshda/0,1607,7-141-7559_9643-31319–,00.html

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 President.

MSHDA can monetized up to 40% of the 2009 LIHTC in exchange for hard cash to be granted or loaned to developers.  In addition MSHDA will receive Special HOME Funds that can also be distributed to developers as grants or loans.  MSHDA hopes to have a Policy Bulletin out to the development community as soon as it receives guidance from Treasury and HUD on how these funds can be used for current and proposed LIHTC projects.

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 development.  According to officials with MSHDA, this new program may be available in the next 60 days. 

It was also learned that a second round of NSP funds will be made available on a national basis through a competitive selection process yet to be determined.  It was also learned that Congress made some retroactive changes in the NSP program that may affect the current funding round.  More on this to follow.

NSP Application forms will be made available starting on March 16th according to MSHDA (keep your eyes peeled on the MSHDA website).  Applications are due to MSHDA on April 13th.

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, consultants, developers, etc.

The Michigan Economic Development Corporation (MEDC) and the Detroit Investment Fund, announced the creation of the Detroit Urban Retail Loan Fund.  This is a revolving fund of $5 Million focused on providing lending support to small and medium sized storefront (retail) businesses in Detroit’s Midtown, Downtown, Riverfront, Eastern Market and Corktown.  Loans will range from $50,000 to $500,000.

If you are interested in submitting a proposal contact:

The Detroit Investment Fund, Attention: URLF Program, 600 Renaissance Center, Suite 1710, Detroit 48243.

The following MSHDA Board Sub-Committee assignments have been announced:

Real Estate and Finance Sub-committee:  Bernie Glieberman (chair), Archie Clark and Robert Kleine

Policy, Programs and Human Resources Sub-committee - Ismael Ahmed (chair), Skip Pruss and Tonya Gatson

Audit Review and Risk Management Sub-committee:  Marianne Udow-Phillips (chair), Sister Maureen Geary and Robert Kleine