The "MI Home Program Act" is designed to improve housing supply and affordability for income-qualified households in Michigan by establishing several programs under the Michigan State Housing Development Authority (MSHDA). These programs include the MI Home Readiness Program, MI Home Grant Program, and MI Home Loan Program, which will provide financial assistance through grants and loans for the construction or rehabilitation of residential properties. Local governments can apply for grants to adopt land use policies and zoning changes that promote increased housing availability. The bill also defines key terms related to housing and sets criteria for "MI Home Communities," which are local units that implement zoning changes to facilitate housing development.

The legislation allocates significant funding, including $95 million for the MI Home Grant Fund in the first two fiscal years and $50 million annually for the MI Home Loan Fund, to support qualified developers in their housing projects. Additionally, the MI Home Employer Fund will receive $10 million each fiscal year to assist with workforce housing development projects or down payment assistance, with a requirement for employers to match grant amounts. The bill outlines application requirements, compliance measures, and penalties for noncompliance, ensuring that properties developed under these programs remain affordable for qualified individuals. Overall, the act aims to create a structured approach to address housing challenges in Michigan through targeted financial assistance and community engagement.