MI HB5618

Amends the Michigan Housing Development Authority Act to modify lending requirements for multifamily housing projects financed through revenue bonds.

Eliminates the requirement that projects must be located in eligible distressed areas to qualify for certain loan provisions, including reduced rehabilitation expenditure thresholds and higher loan limits.

Allows the authority to issue 6-month loan commitments up to $25 million for standard projects or $50 million for distressed area projects, with ability to extend for an additional 6 months upon payment of a $5,000 fee.

Establishes fee structures for borrowers including application fees (greater of $4,000 or 0.05% of principal), commitment fees (up to 0.1%), and issuance fees (0.9% for distressed areas, 1.9% for other areas).

Requires student housing projects to obtain a board of trustees resolution from the college or university from which the majority of tenants will be drawn before the authority can make a financing commitment.