Michigan Multifamily Direct Lending Parameters
MSHDA offers direct lending to eligible borrowers in the form of loans from both tax-exempt and taxable bonds, as well as MSHDA gap funding loans and equity bridge loans in certain situations, for the development of affordable rental housing.
MSHDA direct lending programs are available for both new construction and acquisition and rehabilitation of affordable or conventionally-financed rental housing, mixed use buildings or the adaptive reuse of other structures.
MSHDA seeks to achieve the following objectives through its direct lending activities:
- Creation or preservation of affordable rental housing that incorporates at least one of the following components:
- Family units serving low-income households;
- Senior housing, including proposals supporting successful aging in place; o Housing in rural communities;
- Permanent supportive housing integrated with and supported by necessary services;
- Workforce housing in high-cost areas;
- Mixed-use and adaptive re-use buildings including housing in urban communities; or
- Housing that meets the needs of Native Americans.
- Production of housing that contributes to the strengthening of communities through site and design standards.
- Ensuring the supply of affordable housing by encouraging the longest term of affordability.
- Origination of loans that are long-term earning assets for MSHDA.
- Enhancement of resident livability and functionality of existing projects through rehabilitation that addresses the physical needs of the property.
Other Items of Interest
