MI HB5620

Designates the state housing development authority as administrator of the mortgage credit certificate program permitted under federal Internal Revenue Code section 25.

Requires the authority to prepare guidelines for implementing the mortgage credit certificate program through mortgage lenders.

Establishes eligibility requirements for borrowers seeking mortgage credit certificates, including purchase price limits based on section 44 standards and family income limits that vary by distressed or non-distressed areas.

Allows the authority to increase purchase price limits by up to $3,500 to cover disability accommodations or unexpected construction cost increases.

Specifies that federal Internal Revenue Code income and purchase price limits supersede state limits when applicable, and permits the authority to establish more restrictive limits by resolution with 5-day notice to legislature.