MI HB5617

Authorizes the Michigan Housing Development Authority to make loans, grants, or deferred payment loans for residential property rehabilitation to low and moderate income persons and families, defined as those with family income not exceeding 175% of statewide median gross income.

Permits the authority to provide rehabilitation loans for residential rental property in areas of chronic economic distress or moderate cost rental property elsewhere in the state without regard to owner or occupant income.

Establishes maximum principal loan amounts of $50,000 for single-family structures and $25,000 per dwelling unit for structures containing 2 to 24 dwelling units, excluding finance charges.

Allows loans to be secured or unsecured, with unsecured loans either federally insured or backed by a 5% reserve fund established by the authority; loans may have interest rates and repayment periods up to 30 years as determined by the authority.

Requires the authority to ensure equitable availability of loans, grants, and deferred payment loans to qualified applicants across all geographic areas of Michigan, and removes the minimum age requirement for structures eligible for rehabilitation.