MichiganVotes.org: Michigan Laws, Bills and Votes
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using concise, plain and objective descriptions
Legislation watch
2013 Senate Bill 347: Expand MSHDA developer subsidies
Public Act 116 of 2013
Introduced by Sen. Mark Jansen R-Cutlerville 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.
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-Pellston 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-Pellston 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
Received in the Senate on September 17, 2013
Signed by Gov. Rick Snyder on September 24, 2013