Other Related Programs
Michigan State Development Housing Authority
The City serves as an agent to initiate and process low interest loans for owner occupied and rental properties sponsored by the Michigan State Housing Development Authority (MSHDA).
Homeowner Rehab Program
Income eligibility requirements apply. The combined income of all adults in a household of four (4) must not exceed $52,900. The home must be at least 20 years old, unless you make your home barrier free, improve energy efficiency, or correct health or safety hazards.
The owner may borrow up to $25,000 for up to a twenty (20) year period. The loan applicant must be a reasonable credit risk and be able to pay back the loan. Monthly payments are required. A mortgage is required for all loans over $7,500. The interest rate is based upon the projected gross annual income of all adult members of the household and will range between 1% - 8%.
Rental Properties
This is a low cost improvement loan for owners of small rental properties. The owner must be a private property owner or a MSHDA approved non-profit housing corporation owner of a 1-11 unit rental property.
The owner of a rental property may borrow up to $25,000 for a one unit rental, $12,000 per unit for a 2-4 unit rental and up to $60,000 for a 5-11 unit rental.
The owner of the property must be a reasonable credit risk and be able to pay back the loan. The gross rents on assisted units must not exceed MSHDA's moderate cost guidelines for the community.
Federal Housing Administration (FHA)
