Michigan

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 […]

As a reminder, February 1, 2018 is the deadline for submission of any project-specific waiver requests an applicant is considering requesting for the April 2, 2018 funding round.  See Section V.E of the 2017-2018 QAP for further information.

Information regarding sponsorship and exhibitor opportunities will be available some time in December. Registration and conference details will be available sometime in 2018. 

Michigan State Housing Development Authority recently released a memo outlining updates to the 2017-18 QAP due to the current state of the equity market.

As a reminder, Market Study requests for the October 2, 2017 LIHTC Funding Round are due to MSHDA no later than Monday, July 17, 2017.

The deadline for applications is July 17, 2017.

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. MSHDA now has two funding rounds annually, with each round having available approximately $9 million in gap funding.

The 2017-2018 QAP Amendment is designed to deal with the recent uncertainty in the equity market.

Michigan State Housing Development Authority has released the Notice of Funding for the first round of competitive tax credit allocations.

Michigan expects an allocation of $3,522,622 from the National Housing Trust Fund for the upcoming year and has drafted an allocation plan and amended its Action Plan to reflect such. The public comment period is currently open.

The Draft 2017-2018 Qualified Allocation Plan and related documents have been posted to the April 2016 Public Hearings page of the MSHDA web site.

Applicants who make this request by 5:00 pm on April 13, 2016 may also receive a refund of the LIHTC application fee that was submitted with their application. After this date, all remaining applications will be processed, unless otherwise withdrawn by the applicant, and fees will not be returned.