state laws at your finger tips
in concise, plain language
Legislation watch

2013 Senate Bill 347: Expand MSHDA developer subsidies

Public Act 116 of 2013

Introduced by Sen. Mark Jansen (R) on May 1, 2013 To empower the Michigan State Housing Development Authority (MSHDA) to use money in reserve funds to “invest” (buy ownership interest) in companies or nonprofits whose “primary purpose is to acquire ownership interests in multifamily housing projects” (and not necessarily build new ones).   Official Text and Analysis.
Referred to the Senate Economic Development Committee on May 1, 2013
Reported in the Senate on May 16, 2013 With the recommendation that the bill pass.
Passed 36 to 2 in the Senate on May 16, 2013 (same description)
To empower the Michigan State Housing Development Authority (MSHDA) to use money in reserve funds to “invest” (buy ownership interest) in companies or nonprofits whose “primary purpose is to acquire ownership interests in multifamily housing projects” (and not necessarily build new ones).
Received in the House on May 16, 2013
Referred to the House Commerce Committee on May 16, 2013
Reported in the House on June 12, 2013 With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on June 18, 2013 To adopt a version of the bill that also allows this government agency to start new for-profit companies and other entities.
The substitute passed by voice vote in the House on June 18, 2013
Amendment offered by Rep. Frank Foster (R) on June 18, 2013 To clarify a provision earmarking a portion of any potential profits from the purchased entities.
The amendment passed by voice vote in the House on June 18, 2013
Amendment offered by Rep. Frank Foster (R) on September 12, 2013 To allow MSHDA to purchase loans related to the type of activities the bill would permit, rather than just to "make" loans.
The amendment passed by voice vote in the House on September 12, 2013
Passed 88 to 20 in the House on September 12, 2013 (same description)
To empower the Michigan State Housing Development Authority (MSHDA) to use money in reserve funds to “invest” (buy ownership interest) in companies or nonprofits whose “primary purpose is to acquire ownership interests in multifamily housing projects” (and not necessarily build new ones).
Received in the Senate on September 17, 2013
Passed 35 to 1 in the Senate on September 17, 2013
Signed by Gov. Rick Snyder on September 24, 2013

Comments