MI SB0345

Eliminates the sunset provision on November 1, 2014 that would have reduced the State Housing Development Authority's bond issuance cap from $4.2 billion to $3.4 billion.

Allows the authority to maintain its $4.2 billion aggregate principal amount cap for outstanding bonds and notes for all corporate purposes, excluding refundings, bonds with appreciated principal, and original issue discounts.

Establishes capital reserve fund requirements and allows the authority to use letters of credit, insurance policies, surety bonds, and other security arrangements approved by the state treasurer to satisfy reserve fund requirements.

Requires the authority to accumulate capital reserve funds and transfer deficient amounts from the capital reserve capital account, with additional state appropriations required if that account is exhausted.

Mandates annual reporting to the governor and legislature on housing production goals, program outcomes, tenant demographics, economic impacts, and compliance with low-income housing requirements.