The Michigan State Housing Development Authority (MSHDA) is a part of the state of Michigan's

Michigan

Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....

 Department of Treasury that services those in need of technical and financial assistance. Established in 1966, MSHDA is partnered with both public and private services to better the community through creating and preserving safe and affordable housing

Affordable housing

Affordable housing is a term used to describe dwelling units whose total housing costs are deemed "affordable" to those that have a median income. Although the term is often applied to rental housing that is within the financial means of those in the lower income ranges of a geographical area, the...

, encourage community economic development

Economic development

Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area...

 activities, and address homeless issues. MSHDA is organized into 13 different divisions, each addressing a different area of focus:

• Executive
• Administrative & Office Services
• Asset Management
• Community Development
• Finance
• Historic Preservation & Archaeology
• Homeownership
• Housing Voucher Programs
• Legal
• Rental Development and Homeless Initiatives
• Southeast Michigan Development
• Specialized Technical Assistance and Revitalization Strategy (STARS)
• Urban Revitalization

History

The Michigan State Housing Development Authority was created as a result of the State Housing Development Authority Act of 1966 (Act 346 of 1966). The purpose of this act was to establish funds in housing development, land acquisition and development, rehabilitation, conversion condominium fund, and to provide for the expenditure of certain funds. In addition, it was created to authorize the making and purchasing of loan

Loan

A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....

s, differed payment loans, and grants to qualified developers, sponsors, individuals, mortgage lenders

Mortgage loan

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...

, and municipalities. The State Housing Development Authority Act of 1966 also established and continues to provide acceleration and foreclosure

Foreclosure

Foreclosure is the legal process by which a mortgage lender , or other lien holder, obtains a termination of a mortgage borrower 's equitable right of redemption, either by court order or by operation of law...

 procedures, provide tax exemption

Tax exemption

Various tax systems grant a tax exemption to certain organizations, persons, income, property or other items taxable under the system. Tax exemption may also refer to a personal allowance or specific monetary exemption which may be claimed by an individual to reduce taxable income under some...

, authorize payments instead of taxes by nonprofit housing corporations, consumer housing cooperative

Housing cooperative

A housing cooperative is a legal entity—usually a corporation—that owns real estate, consisting of one or more residential buildings. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease. ...

s, limited dividend housing corporations, mobile home park corporations, and mobile home park associations, and prescribe criminal penalties for violations of the act.