MI HB5032

Amends the State Housing Development Authority Act to modify loan provisions for individual purchasers of 1- to 4-unit housing units, including residential condominiums.

Establishes an alternative purchase price limit based on the greatest of purchase price limits set by Fannie Mae, Freddie Mac, and Ginnie Mae, rather than the 90% of average area purchase price standard.

Applies the new purchase price limit to loans for newly rehabilitated, newly constructed, or existing housing units acquired by individual purchasers with incomes meeting IRC Section 143 requirements.

Requires authority staff to verify borrower ability to repay before loan approval and mandates at least one unit be owner-occupied by the individual purchaser.

Effective date: April 2, 2025.