MI SB0346

Designates the Michigan State Housing Development Authority as the sole statewide public housing agency and authorizes it to accept federal funds and participate in federal housing assistance programs.

Clarifies that fees and charges collected by the authority are not considered interest, and permits the authority to use accumulated fees, charges, and interest income for corporate purposes not pledged to bond repayment.

Expands authority powers to include implementing and administering housing and community development programs, individual/family development account programs, and various urban homesteading initiatives.

Modifies language throughout Section 22 to clarify that covenants running with land can be imposed to comply with federal and state law requirements for assisted housing, without granting the authority additional rights beyond those of private lenders.

Makes technical corrections to grammar and terminology (e.g., changing "shall" to "are," "as" to "that," "subsection" to "subdivision") throughout the statutory provisions.