MSHDA AMENDMENTS S.B. 1341 (S-1): FLOOR ANALYSIS
Senate Bill 1341 (Substitute S-1 as reported)
Sponsor: Senator Patricia L. Birkholz
Committee: Local, Urban and State Affairs
CONTENT
The bill would amend the Michigan State Housing Development Authority (MSHDA) Act to do the following:
-- Allow MSHDA to have up to $4.2 billion in outstanding notes and bonds until November 1, 2007, when the amount would revert to $3.0 billion, excluding the aggregate principal amount of notes and bonds issued before November 1, 2007, that exceeded $3.0 billion.
-- Reduce from 120 to 60 days the time during which 50% of the proceeds from a single-family bond issue must be reserved for applicants with incomes below 60% of the statewide median income.
-- Allow MSHDA to finance multifamily housing for students, and require the approval of the college or university the students attended.
-- Eliminate the required allocation of units under the multifamily pass through program to people who meet certain income levels.
-- Permit nonprofit housing corporations to qualify for long-term financing under the pass through program.
-- Allow MSHDA to waive fees for a limited dividend housing association wholly owned by a 501(c)(3) nonprofit organization, and exempt such an association from the $25 million outstanding loan limitation in the pass through program.
-- Allow MSHDA to establish an annual fee and administrative fees in the pass through program.
-- Make changes in the loan program for effectively treatable areas (ETAs), including allowing MSHDA to make loans for predevelopment costs; increasing the number of units in a dwelling that may be financed from 30 to 49; changing the income test; and revising the criteria for the location of an ETA.
The bill is tie-barred to House Bill 6077.
MCL 125.1432 et al. Legislative Analyst: J.P. Finet
FISCAL IMPACT
The extension of the sunset on the bonds would have no fiscal impact on the Michigan State Housing Development Authority.
Date Completed: 11-5-04 Fiscal Analyst: Maria Tyszkiewicz
floor\sb1341 (S-1) 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.
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. sb1341/0304