MARQUETTE, MI— The Michigan State Housing Development Authority has been touring the U.P. this week to highlight housing investments and meet with local stakeholders.
On Wednesday, MSHDA CEO and Executive Director Amy Hovey met with Marquette County Land Bank Authority Executive Director Antonio Adan. They toured a housing unit being built on Baraga Avenue in Marquette. That project and two others in the county were funded through the help of MSHDA grants.
On Thursday, MSHDA heads to Delta County to meet with officials from InvestUP, the City of Escanaba, and high school students building homes through Delta-Schoolcraft Intermediate School District’s Career and Technical Education program.
Hovey is highlighting a recent change designed to open more doors to homeownership across the state. MSHDA has more than doubled the maximum acreage limit for properties financed through its single-family mortgage programs, from 2 to 5 acres, with the ability to go up to 10 acres in some cases.
Recent legislation also increased the maximum home purchase price for MSHDA-backed loans. Previously capped at $224,500, the limit is now tied to 90 percent of the IRS maximum sales price, allowing income-qualified buyers in the U.P. and across the state to access more financing in areas where home prices have risen.
