MSHDA’s Property Improvement Program offers low interest home improvement loans to single-family homeowners with low-to-moderate income (up to $65,000, or $74,750 in certain areas), and landlords renting to low-to-moderate income tenants. Eligible home improvements include the following:
Windows;
Furnaces (including geothermal);
Insulation;
Roof repair or replacement;
Solar water heating systems;
Siding;
Other improvements include:
Kitchen and bathroom remodeling;
Foundation repair;
Garage or carport (addition or repair); and
Other permanent improvements to homes.
With the Property Improvement Program, eligible homeowners can borrow up to $50,000 for a single family site-built home. Lower limits apply to manufactured homes. Because we can amortize the loan up to 20 years, the monthly payments are very affordable for those on a fixed income. The interest rate for homeowners is 4%, 6%, or 8%, depending upon income.
Eligible landlords can borrow up to $25,000 per single-family rental unit, and an average of $12,000 per unit for multi-family properties (up to a maximum of $60,000 per property). Eligible multi-family properties cannot have more than 11 units. The interest rate is fixed at 8%. There are no income requirements for landlords, but the rental units must meet MSHDA rental limit guidelines.
If you would like copies of a brochure detailing this information to hand out to customers, friends, and/or neighbors just contact Jess Sobel/Director, Internal OperationsOffice of Community DevelopmentMichigan State Housing Development Authority:
Windows;
Furnaces (including geothermal);
Insulation;
Roof repair or replacement;
Solar water heating systems;
Siding;
Other improvements include:
Kitchen and bathroom remodeling;
Foundation repair;
Garage or carport (addition or repair); and
Other permanent improvements to homes.
With the Property Improvement Program, eligible homeowners can borrow up to $50,000 for a single family site-built home. Lower limits apply to manufactured homes. Because we can amortize the loan up to 20 years, the monthly payments are very affordable for those on a fixed income. The interest rate for homeowners is 4%, 6%, or 8%, depending upon income.
Eligible landlords can borrow up to $25,000 per single-family rental unit, and an average of $12,000 per unit for multi-family properties (up to a maximum of $60,000 per property). Eligible multi-family properties cannot have more than 11 units. The interest rate is fixed at 8%. There are no income requirements for landlords, but the rental units must meet MSHDA rental limit guidelines.
If you would like copies of a brochure detailing this information to hand out to customers, friends, and/or neighbors just contact Jess Sobel/Director, Internal OperationsOffice of Community DevelopmentMichigan State Housing Development Authority:
P.O. Box 30044, Lansing, MI 48909(517) 241-0453 (Tel) / (517) 241-6672 (Fax)sobelj@michigan.gov and let her know how many you would like and the address to which you would like them sent.
You can get more details about the program at www.michigan.gov/mshda, then click on the Home Improvement link.
You can get more details about the program at www.michigan.gov/mshda, then click on the Home Improvement link.
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