An act to amend 1966 PA 346, entitled “An act to create a state housing development authority; to define the powers and duties of the authority; to establish a housing development revolving fund; to establish a land acquisition and development fund; to establish a rehabilitation fund; to establish a conversion condominium fund; to create certain other funds and provide for the expenditure of certain funds; to authorize the making and purchase of loans, deferred payment loans, and grants to qualified developers, sponsors, individuals, mortgage lenders, and municipalities; to establish and provide acceleration and foreclosure procedures; to provide tax exemption; to authorize payments instead of taxes by nonprofit housing corporations, consumer housing cooperatives, limited dividend housing corporations, mobile home park corporations, and mobile home park associations; and to prescribe criminal penalties for violations of this act,” by amending section 30 (MCL 125.1430), as amended by 1982 PA 506.
House Bill 5030 proposes modifications to the State Housing Development Authority Act of 1966. Specifically, it amends Section 30 to grant the State Housing Development Authority the power to use available funds to purchase its own notes or bonds. These purchased notes or bonds can then be canceled at specified redemption prices, which vary depending on whether they are currently redeemable or will become redeemable on a future date. Additionally, the bill allows the authority to pay a higher price for these notes or bonds if it is determined to be in the authority's best interest.
Co-sponsored by Reps.
Referred to the Committee on Economic Development and Small Business
Reported without amendment
Passed in the House 59 to 49 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Housing and Human Services
Reported without amendment
Referred to the Committee of the Whole
Reported without amendment
Passed in the Senate 24 to 14 (details)
