REVISE MSHDA PROVISIONS - H.B. 5538 (S-1): FLOOR ANALYSIS


House Bill 5538 (Substitute S-1 as reported)

Sponsor: Representative Paul DeWeese

House Committee: Local Government and Urban Policy

Senate Committee: Local, Urban and State Affairs


CONTENT


The bill would amend the State Housing Development Authority Act to do the following:


-- Require one member of the Michigan State Housing Development Authority (MSHDA) to be a designated resident member (an eligible resident directly assisted by a Federal housing program administered through MSHDA).

-- Define rural housing projects with respect to the low income housing tax credit established under the Internal Revenue Code and administered by MSHDA.

-- Allow the incorporation of nonprofit housing corporations for the purpose of carrying out programs and oversight responsibilities on behalf of or in conjunction with the U.S. Department of Housing and Urban Development with respect to Federal housing programs.

-- Extend until November 1, 2002, the $4.2 billion limitation (which reverted to $3 billion on November 1, 1999) on MSHDA's outstanding bonds and notes.

-- Increase from 55% to 60% of Statewide median gross income, the income limit of individuals for whom 50% of the bonds issued to finance single family homes must be made available.

-- Increase the income and purchase price limits for a mortgage credit certificate for the purchase of existing or new housing units, and for the rehabilitation of low and moderate income housing.

-- Increase the number of units in multifamily property that may be eligible for a rehabilitation loan.

-- Add familial status and disability to the Act's discrimination provisions.


MCL 125.1421 et al. - Legislative Analyst: N. Nagata


FISCAL IMPACT


The bill would have no fiscal impact on State or local government.



Date Completed: 5-19-00 - Fiscal Analyst: M. Tyszkiewiczfloor\hb5538 - Analysis available @ http://www.michiganlegislature.org

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.