MI SB0347

Authorizes the Michigan Housing Development Authority to invest reserve, sinking, and surplus funds in entities that acquire ownership interests in or make loans for multifamily housing projects within the state.

Requires the authority to ensure expected investment returns equal or exceed returns from other authorized investments under section 22(n).

Mandates allocation of at least 10% of earnings from these investments to the housing development fund created under section 23.

Grants the authority power to establish limited partnerships, limited liability companies, nonprofit corporations, and other entities to facilitate these investments and set conditions for multifamily housing project acquisitions or loans.

Defines "multifamily housing project" as a housing project with multiple dwellings where at least 50% of floor space is used primarily for residential purposes.