November 14, 2006, Introduced by Reps. Kolb and Zelenko and referred to the Committee on Commerce.
A bill to provide a loan program to assist certain homeowners
of certain homes with certain renovations; and to describe certain
duties of certain state agencies.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the
"Michigan-plus existing home renovation loan act".
Sec. 2. The state housing development authority shall
administer a loan program for qualifying homeowners. The state
housing development authority shall cooperate with mortgage lenders
to administer the program and shall set the interest rate for the
loan in consultation with private mortgage lenders who participate
in the program. It is the intent of the legislature to assist
first-time homeowners and others with financing of repairs and
improvements in order to secure home ownership and improve the
housing stock in communities.
Sec. 3. A qualifying homeowner who has purchased an existing
home within 2 years of applying for a renovation home loan may
apply for a home loan of up to $25,000.00 for qualifying
renovations.
Sec. 4. Renovations that qualify for a Michigan-plus
renovation loan include 1 or more of the following:
(a) Roof repair or a new roof.
(b) Heating systems.
(c) Cooling systems.
(d) Septic tanks.
(e) Electrical wiring.
(f) Structural repair.
(g) Energy efficiency upgrades.
(h) Minor foundation improvements.
(i) Handicapper accessibility.
Sec. 5. The state housing development authority shall
implement the Michigan-plus renovation loan program no later than
180 days after the state housing development authority has reached
agreement with private mortgage lenders on the mechanics of program
administration.
Sec. 6. As used in this act, "qualifying homeowner" means a
homeowner who owns a home with an appraised value of $200,000.00 or
less.