The bill amends the State Housing Development Authority Act of 1966, specifically section 22, to enhance the powers and responsibilities of the authority. Key insertions include the authority's ability to carry out its functions and those delegated by other laws, as well as the requirement for the authority to determine fees and charges related to its services. The bill clarifies that the authority can engage in activities such as conducting housing studies, making loans, and establishing standards for housing projects. It also allows the authority to appoint directors to nonprofit housing corporations under certain conditions and sets forth restrictions on the sale and transfer of properties financed by the authority. Several deletions from existing law remove mandatory language regarding fee determination and standard establishment, reframing them as requirements.

Additionally, the bill introduces provisions aimed at enhancing housing support for low and moderate-income individuals and families, including the authority to make working capital loans to contractors on housing projects, with an annual report requirement for loan statistics. It establishes a code of ethics for employees, mandates covenants to comply with federal housing program requirements, and allows participation in programs to assist low-income families in becoming homeowners. The authority is also permitted to invest a portion of escrow funds in loans for multifamily housing developments under certain conditions and is tasked with responsibilities under the MI Home Program Act. The language regarding the effectiveness of covenants has been updated for clarity, and the authority's obligations concerning delinquent loans are contingent upon its own payments to escrow funds. The enactment of this bill is contingent upon the passage of related legislation.

Statutes affected:
House Introduced Bill: 125.1422