MI HB4908

Increases the aggregate principal amount limit on outstanding bonds and notes issued by the Michigan State Housing Development Authority from $3,000,000,000 to $5,000,000,000, excluding refunding bonds, appreciated principal bonds, and original issue discount notes.

Maintains existing requirements for capital reserve funds, including provisions for letters of credit, insurance policies, surety bonds, and other security arrangements to secure the authority's bonds and notes.

Requires the authority to conduct annual reviews of all loans and financial instruments with the Michigan Broadband Development Authority, including analysis of repayment ability and internet access outcomes for authority-assisted developments.

Preserves annual reporting requirements to the governor and legislature on housing production goals, program performance, economic impacts, and demographic information about tenants served by authority programs.

Effective immediately upon approval by the Governor on April 2, 2020.