MI HB4948

Authorizes the State Housing Development Authority to purchase its own notes or bonds using available funds for cancellation purposes.

Establishes maximum purchase prices for notes or bonds: the redemption price plus accrued interest if currently redeemable, or the redemption price on the first future redemption date plus accrued interest if not currently redeemable.

Allows the Authority to purchase notes or bonds at prices higher than the standard limits if the Authority determines by resolution that doing so is in its best interests.

Requires compliance with any existing agreements between the Authority and noteholders or bondholders when exercising these purchase powers.