The bill amends the State Housing Development Authority Act of 1966 by adding a new section, 49w, which establishes the Community Housing Stability Fund within the authority. This fund will receive fines collected under specific sections of the Business Corporation Act and the Michigan Limited Liability Company Act, as well as additional funds from other sources. The authority is tasked with directing the investment of the fund's money and using it to develop and coordinate resources to address the housing needs of low-income, very low-income, and extremely low-income households.

Furthermore, the bill outlines the requirements for the biennial allocation plan that the authority must develop, which includes a formula for distributing funds based on poverty and housing distress, preferences for special population groups, and specific earmarks for rental and ownership projects. It mandates public hearings prior to the plan's development and requires the authority to issue an annual report detailing fund expenditures and the impact on housing units and income levels served. The authority is also granted the ability to promulgate rules to implement this section effectively.

Statutes affected:
Senate Introduced Bill: 125.1401, 125.1499