Housing Choice Voucher Program
Information about the Project Based Voucher program.
State and national links to homeless and special housing needs information.
Standards of Design for Preconstruction manual and forms
Low Income Housing Tax Credits (LIHTC)
Information on Direct Lending Parameters, Gap Financing Programs, Equity Bridge Loan Program, Notice of Intent to Apply, LIHTC Application and Exhibit Requirements for Direct Lending Programs, Other Information (Mortgagor and Contractor's Cost Certification Guide and forms, HOME Subsidy Limits, Direct Lending Intake Forms, Contractor Requirements, and the Modified Pass-Through Program), Parameters
Information about the Pass-Through Bond Program
MSHDA HUD Section 3 policy and these guidelines have been prepared to provide information and guidance to Section 3 recipients on how the Michigan State Housing Development Authority (MSHDA) will administer the Section 3 regulations.
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The MSHDA Rate Relief Mortgage will be a game-changer for Michigan families. It’s a first-of-its kind new mortgage loan that drives down the mortgage interest rate for eligible first-time homebuyers by a full percentage point. This would not be possible if not for the partnership of the Federal Home Loan Bank of Indianapolis.
The FHLBank Indianapolis is purchasing a $50 million bond issued by MSHDA. The proceeds from the sale will support hundreds of single-family mortgage loans at below-market rates, provided the buyer finances their purchase with a MSHDA-approved lender that is also a FHLBank Indianapolis member institution. This will make homeownership more accessible and affordable for hundreds of lower-income Michigan home buyers making 80% or less of Area Median Income. Saving first-time homebuyers a full percentage point on their mortgages will make a big difference and help more families make it in Michigan.
At the time this program was established, MSHDA’s current market rate with DPA was 6.375; through this program, the rate would drop to 5.375%. On a $150k home purchase, about the average MSHDA mortgage, this new lower interest rate reduces the mortgage payment by about $100 a month – that’s $1200 a year.
Interested first-time homebuyers can get more information at their local lending institution. Current FHLBI Member institutions that are also MSHDA participating Lenders are listed below. There are dozens across Michigan, offering mortgages in all 83 counties. FHLBank Indianapolis members can find more details on the Bank’s MemberLink portal as well as through direct member communications.
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This list may not be all-inclusive. Don’t see your bank or credit union listed? Contact your bank or credit union to see if they offer the Rate Relief program or are working with a MSHDA Approved CUSO partners, Members First Mortgage, Mortgage Center, and Neighborhood Mortgage Solutions to offer this program.