HB 6515 Summary

• Appropriates $1,400,000,000 in state general fund/general purpose spending for fiscal year ending September 30, 2023, designated for the Department of Labor and Economic Opportunity's low-income individual and business grants and loans program.

• Establishes four separate programs: low-income household interest-free home loans (max $100,000 per household, up to 30-year terms), free skills and technical education grants (max $100,000 per individual), small business grants (max $100,000 per individual), and interest-free small business seed capital loans (max $100,000 per individual, up to 10-year terms).

• Defines "qualified low-income" individuals and households as those with income not exceeding 150% of federal poverty guidelines.

• Requires all four programs to begin offering assistance by January 1, 2024, with the Department of Labor and Economic Opportunity administering programs in partnership with the Michigan State Housing Development Authority and Michigan Strategic Fund.

• Creates dedicated funds in the state treasury for each program with provisions to carry forward repayments and outside source funding for ongoing use through September 30, 2027.