MSHDA Awards $550,000 in NSP Funds to City of Farmington Hills.

LANSING Michigan State Housing Development Authority (MSHDA) Executive Director Keith Molin today announced an $550,000 grant to be awarded to the city of Farmington Hills through the Neighborhood Stabilization Program (NSP). The city of Farmington Hills intends to use its initial grant award in the target area between 8 Mile and 10 Mile roads.

According to Molin, Farmington Hills is one of 17 cities slated to receive funds immediately. The other cities include Ann Arbor, Battle Creek, Bay City, Benton Harbor, Jackson, Kalamazoo, Livonia, Muskegon, Muskegon Heights, Port Huron, Roseville, Royal Oak, Saginaw, St. Clair Shores, and Wyoming.  

Molin pointed out that timing is critical because foreclosures and abandonment are threatening the property values of other community residents.

The anticipated results of the NSP assistance will be:  Providing direct homeownership financing assistance to four homebuyers; the rehabilitation of up to four abandoned/foreclosed properties for residential use by owner occupants/rental; and the demolition of up to six blighted properties by the city and then redevelopment of the six sites into owner-occupied homes.

"These federal funds could not have come at a better time," Molin said. "We have expedited the funding because these cities all have strong municipal housing and community development programs, effective delivery systems and immediate need."

"Not only are foreclosures bringing down property values and creating blight, but many of these homes have been abandoned and are actually posing a serious threat to the surrounding neighborhoods," Molin explained.
MSHDA officials anticipate that additional grant allocations to other communities, nonprofits and developers will be made in the very near future.

MSHDA's vision in the 21st century is to improve the quality of life for all Michigan residents and create vibrant communities by focusing on providing safe, affordable housing through homeownership and rental programs; ending homelessness; and revitalizing neighborhoods and downtowns. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For information on this and other MSHDA programs, visit the Web site at www.michigan.gov/mshda.

If you require further information, please do not hesitate to contact Steve Brock, City Manager at 248-871-2549

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