Act 346 of the Public Acts of 1966 (the “Act”) permits the Michigan State Housing Development Authority (the “Authority”) to participate in "conduit” or "pass-through" financings in which the bonds issued to finance a development are a limited obligation of the Authority; the bonds are not secured by the Authority's capital reserve capital account; and the bonds are not backed by the moral obligation of the State of Michigan. Instead, the bonds are secured by the revenues of the borrower, the real and personal property being financed, and a form of credit enhancement acceptable to the Authority.
No other eligibility requirements
Does not coordinate with other systems
40% of units at or below 60% AMI OR 20% of units at or below 50% AMI AND 10% of units at or below 40% AMI
Does not limit eligibility on these criteria
Does not prioritize beyond eligibility requirements