A plan announced this week outlines a new approach to address the state’s housing shortage.
The Michigan Municipal League has created the MI Home Program, which will provide $160 million investment over five years to developers to construct or rehab more than 10,000 houses. Michigan Municipal League CEO Dan Gilmartin said they also hope the program will bring prices down for buyers.
“Local units would adopt a series of best practices and then qualify for the funding that would be available from the state,” Gilmartin said. “So when a developer is in there, the money would actually be going ultimately to the developer to bring down those costs so that when there’s a transaction between a buyer and the seller, we can do that at a more affordable price.”
Different components of the investment target different areas of need.
The MI Home Grant provides $95 million in years one and two, for grants to fill the gap when building or rehabbing.
