MI HB4580

Adds new subsection (6) allowing the Michigan Housing Development Authority to make, purchase, or participate in loans for acquisition and refinancing of 1- to 4-unit housing units with purchase prices up to the greatest limits set by Fannie Mae, Freddie Mac, or Ginnie Mae.

Establishes income requirements based on section 143 of the Internal Revenue Code for borrowers seeking loans under the new refinancing option.

Requires that at least one dwelling unit be owner-occupied by the borrower and that authority staff determine the borrower's ability to repay before loan approval.

Permits the authority to securitize loans made under this subsection and either sell them to investors or retain them.

Effective January 15, 2018 (90 days after enactment on October 17, 2017).