“I don’t know that I need to repeat the fact that we’re in a housing crisis in our state. We’re still about 140,000 units short of where we need to be to meet the need today.”
CEO and Executive Director of the Michigan State Housing Development Authority, Amy Hovey, joined community leaders in announcing the launch of the new Employer-Assisted Housing Fund.
“Which is a $10 million pilot program that will provide a dollar-for-dollar match to any business that wants to contribute to housing in our state.”
Employers can make that contribution through cash investments, land donations, or below-market interest loans. In return, rental housing must remain affordable for at least 10 years and for-sale housing must remain affordable for 5 years.
“These funds can be used for programs such as down payment assistance for their employees, or rental assistance, or can contribute to the production or rehabilitation of housing for families below 120% of AMI.”
That’s Area Median Income. Applications are reviewed on a first-come, first-served basis. The program is funded by this year’s state budget. If successful, Governor Whitmer has called for an additional $25 million from next year’s budget for the program.
