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State Housing Authority Announces Several New IncreasesContact: Mary Lou Keenon 517-373-0011Agency: State Housing Development Authority
FOR IMMEDIATE RELEASE
July 19, 2006
STATE HOUSING AUTHORITY ANNOUNCES SEVERAL INCREASES TO HOUSING LOAN PROGRAMS TO HELP HOMEOWNERS IN MICHIGAN
LANSING—In an effort to make homeownership more affordable, the Michigan State Housing Development Authority (MSHDA) announced several increases to housing loan programs. Increases were announced for the following programs; income and purchase price limits for the Single Family Loan Program, the Mortgage Credit Certificate Program and the Property Improvement Program.
Beginning June 1, 2006, MSHDA increased the limit set on the income for potential homeowners. This limit is a minimum of $62,100 and a maximum of $72,250. This will give more Michigan residents the opportunity to own a home. It will also extend MSHDA’s ability to issue bonds in the future for funding low-interest mortgage rates for homebuyers and developers. The purchase price limit is set at a minimum of $188,400 and a maximum of $216,750, which will allow residents to purchase nicer homes on a lower income.
Also increasing are the purchase price and income limits for the Mortgage Credit Certificate, which reduces the amount of federal income taxes a homeowner pays, giving them more available income to qualify for a mortgage. These limits are identical to the limits in the above mortgage loan program.
The Property Improvement Program has announced an increase for the income level of homeowners. This program allows Michigan residents to make permanent repairs to their home and property. The minimum income level is set at $62,100 and a maximum is set at $72,250 in certain target areas.
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