HB-5443, As Passed House, December 4, 2007

SUBSTITUTE FOR

HOUSE BILL NO. 5443

     A bill to amend 1966 PA 346, entitled

"State housing development authority act of 1966,"

by amending section 32a (MCL 125.1432a), as amended by 2004 PA 535.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 32a. With respect to bonds, other than refunding bonds,

issued to finance single family homes after November 1, 1989, for

the first 60 days following the announcement of a program funded by

the proceeds of those bonds, 50% of the proceeds of those bonds

available to make loans, as determined by the preliminary

information obtained by originating lenders at the time a

reservation is submitted, shall be reserved for applicants with

gross annual incomes at or below 60% of the statewide median gross

income. The authority may, by resolution, waive this requirement.

The authority shall advise the house of representatives and senate

standing committees with jurisdiction over housing issues 5 days

prior to adopting a resolution waiving this requirement. With

respect to bonds, other than refunding bonds, issued to finance

single family homes after November 1, 1989, not more than 50% of

the proceeds of those bonds may be used to finance single family

homes for homebuyers who previously have had an ownership interest

in a residence. For purposes of this section, a previous ownership

interest in a mobile home shall not be considered to be an

ownership interest in a residence. The authority may rely on the

applicant's affidavit to determine whether or not the applicant has

had a prior ownership interest in a residence. The authority shall

publicize the programs funded under this section by using all

reasonable means available, including, but not limited to, public

interest announcements in the media, and announcements to lending

institutions, community groups, and real estate organizations. The

authority shall submit a report annually to the legislature

containing all statistics necessary to indicate its compliance with

this section. This section does not apply to bonds issued to

refinance single family homes.