LANSING, Mich., Feb. 4, 2014 /PRNewswire-USNewswire/ -- Michigan State Housing Development Authority Executive Director Scott Woosley today announced that a 2013 year-end housing report is proof positive that the state economy is headed in the right direction.
The report, released last week by the Authority's Homeownership division, showed that MSHDA issued 40 percent more mortgage loans in 2013 over the previous year and had a nearly 70 percent increase in the total dollar amount of single-family loans.
"More people want to live, work and play in Michigan," Gov. Rick Snyder said. "This exciting trend is one more indicator of our state's comeback. We'll continue to make economic growth a priority so families will have more and better jobs, and enjoy a high quality of life in our communities."
Woosley added, "It has been years since MSHDA has recorded numbers like this, and it shows the state's housing market and economy are rebounding strong."
The Homeownership division intends to build further momentum this year by rebranding its single-family division by promoting MSHDA as a powerful partner that works with lenders to provide the tools that make the American dream of homeownership a reality.
"One of our new strategies is marketing not only to first-time homebuyers, but with our new Mortgage Backed Securities (MBS) product we also can bring our resources to repeat homebuyers," said Mary Townley, director of Homeownership at MSHDA. "Its launch will add to our bottom line just when we need it the most to serve Michigan citizens."
While she is thrilled to see growth in the number of mortgages and loan amounts, Townley said she and her staff remain committed to helping Michigan residents who are still struggling with their mortgages.
In 2013, the Step Forward Michigan program -- created in 2010 by MSHDA to oversee the distribution of the Hardest Hit Funds® in the state -- increased assistance to at-risk homeowners by more than 28 percent and registered the second highest number of households assisted among the states administering Hardest Hit funds.
For a list of homeownership resources, visit Michigan.gov/mshda. To learn more about the Step Forward Michigan, visit www.stepforwardmichigan.org.
The Michigan State Housing Development Authority (MSHDA) provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents and to engage in community economic development activities to revitalize urban and rural communities.*
*MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda.
SOURCE Michigan State Housing Development Authority