Michigan
MI Housing Issues LIHTC Application Reminder for Applicants Seeking Affordable/Market Rent Differential Points
Affordable/Market Rent Differential Points: As noted in the LIHTC Program Updates memorandum dated July 30, 2018, applicants seeking Affordable/Market Rent Differential points will be required to name up to three comparable market-rate properties so that the market analyst can assist MSHDA with verifying the rents being charged at the comparable properties and determine whether the […]
Michigan Releases Notice of Funding for Oct. Round
The Excel version of the 2019-2020 LIHTC Program Application has also been updated. This update fixes some income averaging formulae, and also contains updated rents.
Michigan Governor Approves 2019-20 QAP
The approval letter and final documents are available on the “Qualified Allocation Plan” page of MSHDA’s web site.
Michigan Reinstates Short-Term Pass-Through Bond Program
The program represents a one year, $30 million allocation.
Michigan Posts Income Averaging Guidance
A memorandum dated June 13, 2018 and titled “Income Averaging Guidance” has been posted to the LIHTC Recent Updates page of the MSHDA website.
Michigan Releases Gap Financing Program NOFA
The Gap Financing Program NOFA is designed to improve MSHDA’s direct-lending production and to assist with being able to finance tax-exempt bond transactions utilizing the 4% Low Income Housing Tax Credit.
Opportunity, Optimism, and Insight on Detroit’s Community Development Showcased at National Housing Conference Policy Symposium
Last Friday morning, the National Housing Conference (NHC) held its Annual Policy Symposium in Washington D.C. to a welcoming audience of investors, researchers, and bureaucrats. The half-day event included an address by Detroit Mayor Mike Duggan on the city’s development, a panel of experts further discussing Detroit, and a panel discussing the growing impact and role of private-public partnerships in community development.
Michigan Hosts QAP Public Hearing May 4, Draft QAP Forthcoming
MSHDA will hold four Public Hearings on May 4, 2018 to take comments on the Draft 2019-2020 Qualified Allocation Plan.
Michigan Announces First Round for HTF, $7.5 Million Primarily Available for 4% LIHTC Developments
Applications for the funding round are due by the June 1, 2018 funding round deadline.
Michigan Updates Allocation Numbers, Accepting Comments on Income Averaging
Michigan has recently released a memo identifying the new 9% credit amounts for the April 2 funding round to reflect the 12.5% increase in LIHTCs as a result of the Omnibus legislation.
Michigan Announces Second 2018 QAP Funding Round Date of April 2, 2018 April 2, 2018 Funding Round Notice & LIHTC Program Updates Memo
Applications for the second competitive round of 2018 LIHTC will be due by 5pm, April 2, 2018. The Notice of Funding Round for April 2, 2018, along with a memo titled “LIHTC Program Updates”, is now available on the “2018 Funding Round Information” page of the MSHDA web site: http://www.michigan.gov/mshda/0,4641,7-141-5587_5601-459745–,00.html Form Updates on MSHDA Web […]
Michigan Competitive Gap Financing for 4% Begins Aug. 15, 2018
Michigan State Housing Development Authority (MSHDA) recently stated in a memo that is anticipates the first round of competitive gap financing to be used with tax-exempt bond financing and 4% LIHTC will begin August 15, 2018. MSHDA notes, however, that projects able to achieve and maintain a soft to hard debt ratio of less than […]