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Legislation watch
2012 House Bill 5617: Expand state home improvement loan guarantee and subsidy program
Public Act 344 of 2012
Introduced by Rep. Dale W. Zorn R-Ida on May 10, 2012
To expand the authority of the Michigan State Housing Development Authority (MSHDA) to provide government loan guarantees on home improvement loans to individuals with “low and moderate income.” Specifically, the bill would increase the family income cap for such loans to 175 percent of the statewide median gross income ($105,700), up from the current cap of $65,000 (or $74,750 in a designated “distressed area), and allow for a 30-year repayment period instead of 20 years. 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.
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.
Signed by Gov. Rick Snyder on November 7, 2012