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MSHDA approves single-family mortgage revenue bond

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LANSING, MI. – The Michigan State Housing Development Authority (MSHDA) Board has approved the issuance of over $332 million in Single-Family Mortgage Revenue Bonds at its May meeting.

The 2022 Series A, B and C bonds will be used to fund single-family mortgages at lower-than-current market rates and provide down payment assistance loans, making homeownership more attainable for approximately 1,660 families across Michigan.

The board also approved a second amendment to MSHDA’s Qualified Allocation Plan. The amendment will allow the Authority to issue $3 million to $5 million in additional Low-Income Housing Tax Credits to developers to help fill funding gaps for projects experiencing construction cost increases, supply chain disruptions and other issues related to the COVID-19 pandemic. There is a $180,000 cap on what each developer can receive.