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2012 House Bill 5620: Expand state home loan guarantee and subsidy program

Public Act 346 of 2012

  1. Introduced by Rep. Wayne Schmidt (R) on May 10, 2012, to expand the authority of the Michigan State Housing Development Authority (MSHDA) to administer federal home loan subsidies to individuals with “low and moderate income.” Specifically, the bill would increase the family income cap for such loans to 175 percent of statewide median gross income ($105,700), up from the current cap of $65,000 (or $74,750 in a designated “distressed area).
    • Referred to the House Commerce Committee on May 10, 2012.
      • Reported in the House on May 29, 2012, without amendment and with the recommendation that the bill pass.
  2. Passed 90 to 15 in the House on September 19, 2012.
    Who Voted "Yes" and Who Voted "No"

  3. Received in the Senate on September 20, 2012.
    • Referred to the Senate Economic Development Committee on September 20, 2012.
      • Reported in the Senate on October 17, 2012, with the recommendation that the bill pass.
  4. Passed 32 to 5 in the Senate on October 17, 2012, to expand the authority of the Michigan State Housing Development Authority (MSHDA) to administer federal home loan subsidies to individuals with “low and moderate income.” Specifically, the bill would increase the family income cap for such loans to 175 percent of statewide median gross income ($105,700), up from the current cap of $65,000 (or $74,750 in a designated “distressed area).
    Who Voted "Yes" and Who Voted "No"

  5. Signed by Gov. Rick Snyder on November 7, 2012.

Comments

2012 House Bill 5620 (Expand state home loan guarantee and subsidy program )  by admin on December 5, 2012 
Introduced in the House on May 10, 2012, to expand the authority of the Michigan State Housing Development Authority (MSHDA) to administer federal home loan subsidies to individuals with “low and moderate income.” Specifically, the bill would increase the family income cap for such loans to 175 percent of statewide median gross income ($105,700), up from the current cap of $65,000 (or $74,750 in a designated “distressed area)

The vote was 90 in favor, 15 opposed and 5 not voting

(House Roll Call 524 at House Journal 0)

Click here to view bill details.

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