MI HB5660

Creates the MI Home Program Act to increase housing supply and affordability for income-qualified households in Michigan through grants, loans, and zoning assistance administered by the Michigan State Housing Development Authority (MSHDA).

Establishes the MI Home Readiness Program providing grants up to $50,000 to local governments for adopting zoning changes that encourage housing development, such as reducing parking requirements, allowing duplexes and accessory dwelling units, and eliminating minimum lot sizes.

Creates the MI Home Grant Program offering qualified developers up to $100,000 per dwelling unit for new construction or $50,000 per unit for rehabilitation of residential properties in certified "MI Home Communities."

Establishes the MI Home Loan Program to address financing gaps for constructing or rehabilitating qualified residential properties, with loan terms and interest rates determined by MSHDA.

Directs appropriations totaling $625 million over 5 years: $5 million annually for the Readiness Fund, $95 million annually for 2 years then $145 million annually for 3 years for the Grant Fund, and $50 million annually for 2 years for the Loan Fund.