Michigan's Governor Engler Announces State Housing Authority and FIA To Administer $25 Million Federal Housing Fund For Low-Income Families

Apr 27, 2001, 01:00 ET from Michigan State Housing Development Authority

    LANSING, Mich., April 27 /PRNewswire/ -- Governor John Engler announced
 that home ownership in Michigan will become a reality for more low-income
 residents thanks to a $25 million housing fund to be administered through the
 Michigan State Housing Development Authority (MSHDA) via an interagency
 agreement with the Family Independence Agency (FIA).  The Michigan Affordable
 Housing Fund was authorized by the governor, and established by the Michigan
 Legislature to use federal monies to support programs that increase home
 ownership opportunities for low-income families.
     "This is a powerful example of how Michigan's commitment to affordable
 housing is paying off for low-income citizens," said Gov. Engler.  "By
 creating this dynamic partnership between government agencies, we will empower
 thousands of families to become stakeholders in their own futures."
     MSHDA Executive Director James L. Logue III re-emphasized the governor's
 strong commitment to affordable housing and the value of partnerships.
     "The Authority and FIA staff invested months putting together a program
 that will provide opportunities for the greatest number of low-income families
 to become home owners," said Logue.  "Their efforts resulted in 'HomeLINKS,'
 the home purchase and home retention portion of the initiative, and makes
 available $13.8 million for this purpose."
     HomeLINKS is designed to ensure successful home ownership by screening
 candidates for purchase potential, supplying pre- and post-purchase
 counseling, and down payment assistance up to $10,000.  It also provides
 credit repair, maintenance training, and pre-purchase home inspections to
 qualified families.  The program also helps eligible families retain their
 homes by offering foreclosure prevention, minor home repairs necessary to
 prevent loss, and one-time credit repair to qualify for home improvement
 lending.
     Households must be low-income and include a minor child to qualify for the
 HomeLINKS programs.
     "Providing opportunities for low-income customers to obtain and maintain
 affordable housing is the next logical step in furthering self-sufficiency,"
 said Douglas E. Howard, director of the Family Independence Agency.  "Not only
 does owning a home help the family move up the economic ladder through the
 accumulation of assets, but it also gives the family a stake in their
 community."
     An additional $9 million is earmarked for Habitat for Humanity of
 Michigan.  The Fund will provide principal reduction assistance to new Habitat
 families over a three-year period.  Eligibility requirements for families are
 the same as HomeLINKS, however, household income for Habitat families is the
 greater of 45 percent of state median income or 50 percent of area median
 income.  Further information regarding the Habitat portion of the Michigan
 Affordable Housing Fund may be obtained by calling 800-467-5430.
     The remainder of the $25 million will be allocated to administrative costs
 and lead abatement funding as part of the Housing Quality Standards inspection
 process.
 
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SOURCE Michigan State Housing Development Authority
    LANSING, Mich., April 27 /PRNewswire/ -- Governor John Engler announced
 that home ownership in Michigan will become a reality for more low-income
 residents thanks to a $25 million housing fund to be administered through the
 Michigan State Housing Development Authority (MSHDA) via an interagency
 agreement with the Family Independence Agency (FIA).  The Michigan Affordable
 Housing Fund was authorized by the governor, and established by the Michigan
 Legislature to use federal monies to support programs that increase home
 ownership opportunities for low-income families.
     "This is a powerful example of how Michigan's commitment to affordable
 housing is paying off for low-income citizens," said Gov. Engler.  "By
 creating this dynamic partnership between government agencies, we will empower
 thousands of families to become stakeholders in their own futures."
     MSHDA Executive Director James L. Logue III re-emphasized the governor's
 strong commitment to affordable housing and the value of partnerships.
     "The Authority and FIA staff invested months putting together a program
 that will provide opportunities for the greatest number of low-income families
 to become home owners," said Logue.  "Their efforts resulted in 'HomeLINKS,'
 the home purchase and home retention portion of the initiative, and makes
 available $13.8 million for this purpose."
     HomeLINKS is designed to ensure successful home ownership by screening
 candidates for purchase potential, supplying pre- and post-purchase
 counseling, and down payment assistance up to $10,000.  It also provides
 credit repair, maintenance training, and pre-purchase home inspections to
 qualified families.  The program also helps eligible families retain their
 homes by offering foreclosure prevention, minor home repairs necessary to
 prevent loss, and one-time credit repair to qualify for home improvement
 lending.
     Households must be low-income and include a minor child to qualify for the
 HomeLINKS programs.
     "Providing opportunities for low-income customers to obtain and maintain
 affordable housing is the next logical step in furthering self-sufficiency,"
 said Douglas E. Howard, director of the Family Independence Agency.  "Not only
 does owning a home help the family move up the economic ladder through the
 accumulation of assets, but it also gives the family a stake in their
 community."
     An additional $9 million is earmarked for Habitat for Humanity of
 Michigan.  The Fund will provide principal reduction assistance to new Habitat
 families over a three-year period.  Eligibility requirements for families are
 the same as HomeLINKS, however, household income for Habitat families is the
 greater of 45 percent of state median income or 50 percent of area median
 income.  Further information regarding the Habitat portion of the Michigan
 Affordable Housing Fund may be obtained by calling 800-467-5430.
     The remainder of the $25 million will be allocated to administrative costs
 and lead abatement funding as part of the Housing Quality Standards inspection
 process.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X48405901
 
 SOURCE  Michigan State Housing Development Authority