Latest news with #AmyHovey
CBS News
28-05-2025
- Business
- CBS News
Michigan officials unveil new affordable housing program
The Mackinac Policy Conference continued Wednesday. The annual gathering on Mackinac Island is where lawmakers and business leaders discuss political and economic issues impacting Michiganders. The second day of the Mackinac Policy Conference started Wednesday with a topic on everyone's mind: affordable housing. Michigan is partnering with developers to build thousands of new homes over the next 10 years. "So far, we've approved 19 plans, resulting in 1,600 additional housing units in the state of Michigan. We're super excited for the next 2,500 coming our way, and we're hoping that other developers continue to use the Housing Tax Increment Financing tool," said Amy Hovey, Chief Executive Officer and Executive Director of the Michigan State Housing Development Authority. Also on Wednesday, Michigan Lt. Gov. Garlin Gilchrist announced up to $110 million in funding to train the state's next generation of infrastructure workers. "What this means is we are positioning people to have more money in their pockets because they will be more productive in solving the problems and creating and having the jobs and building the things that matter to the people of Michigan," Gilchrist said. The Michigan Department of Transportation says it's committed to that effort. "We have about $11 million in project funds that we're going to continue to work with our partners on key recruitment and retention efforts," said MDOT Director Brad Wieferich. The goal is to have about 5,000 workers trained by January 2030. "Everybody in Michigan benefits from roads that are safe. Everybody in Michigan benefits from having a connection to fast internet," Gilchrist said. "Everybody in Michigan benefits when they're confident in our bridges, when they know that our drinking water is clean, when we have utility infrastructure that supports our imaginations." Officials say this investment in Michigan's workforce will build a better future for everyone.
CBS News
19-02-2025
- Business
- CBS News
Michigan program offers $25K to assist first-generation homebuyers
The Michigan State Housing Development Authority (MSHDA) announced Tuesday it has launched a program to support first-generation homebuyers. The First-Generation Down Payment Assistance Program offers a $25,000 loan to help with a down payment, closing costs and prepaid expenses, according to a news release. The program is available in all counties. Anyone interested must meet the following criteria: Must meet the definition of first-generation homebuyer, have no prior history of homeownership in the last three years and must use the property as their primary residence. Must fall within the household income limits set by MSHDA. A minimum credit score of 640 is required. The target property sale price cannot be more than $224,500. No parent of the borrower(s) has owned a home in the last three years. The First-Generation DPA must be combined with an MI Home Loan (conventional, FHA, or USDA). Must complete a face-to-face homebuyer education class offered by a HUD-approved housing counseling agency. Must meet all other program eligibility requirements. "Homeownership is an important pathway to economic vitality and mobility for our state and its residents, but too many first-time buyers face financial barriers that put it out of reach," said Amy Hovey, chief executive officer and executive director of MSHDA. "With rents soaring, this program offers families a foot in the door and much-needed stability by helping them secure a home with a fixed monthly cost. This financial boost will allow first-generation homebuyers to invest in their futures, strengthen their communities, and build generational wealth."
