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

Public Act 346 of 2012

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).   Official Text and Analysis.
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.
Passed 90 to 15 in the House on September 19, 2012 (same description)
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).
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.
Passed 32 to 5 in the Senate on October 17, 2012 (same description)
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).
Signed by Gov. Rick Snyder on November 7, 2012

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