Solutions for Michigan's Housing Supply Shortage — Amy Hovey, CEO & Executive Director, MSHDA

Summary

Presentation by Amy Hovey, CEO & Executive Director, titled Solutions for Michigan's Housing Supply Shortage, covering MSHDA programs. It states that Michigan currently has a housing shortage of more than 190,000 units. It reports 2023 impact of $1.23 billion in total MSHDA funding, supporting the purchase, construction, or rehabilitation of 9,627 homes. Under the heading of what is next on MSHDA's agenda, it lists MI Neighborhood in FY 24 as a $60 million response and states that House Bill 5032 would raise the single-family mortgage purchase price limit.

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   Solutions for
Michigan’s Housing
 Supply Shortage
          Amy Hovey
    CEO & Executive Director
Housing Crisis
50% of renters pay too much for housing
                                                    50%
Between 2012 and 2022, average home sales price
went up 100%; incomes only increased about 40%
during that same period                             100%
Michigan currently has a housing shortage of more
than 190,000 units                                  190,000
53% of our homes are more than 50 years old
                                                     53%
                                                        MICHIGAN.GOV/MSHDA
Homeownership in Michigan
   We need to close the gap between the cost our
neighbors can afford, and the cost of new construction.




      $171,263                         $449,294
    H o m e a f f o r d ab l e         Average sale
      to the median                  price for a newly-
         h o u s e ho l d            constructed home
  2023 was a
historic year.
    2023: Our most
 productive year ever.
Homeownership: $644.7 million in mortgages & DPA,
4,402 households supported.
Multifamily Rental: committed $490 million, 3,562
new/rehabilitated homes.
Missing Middle Housing Program: $104.5 million,
supporting 50 projects adding 1,492 new homes.

Housing Choice Vouchers: A total of $246.8 million
invested to support 30,835 families in this program.

Housing TIF: A transformational new tool to redevelop
blighted properties.

CDBG: Federal grant dollars now focused on housing.

                               MICHIGAN.GOV/MSHDA
             COVID-19 Response Programs




        $1.1B                         108,763                  27,931
in total federal rental and           renters supported   h o m e o wn e r s s u p p o r t e d
   m o r t g a g e a s si s t a nce     through CERA
                                          program.              through MIHAF.
        a d m i ni s t e r e d .
2023 Impact
2023 Impact
  $1.23 billion in total MSHDA funding.

  Supported the purchase, construction, or rehabilitation of 9,627
  homes.

  6,000+ construction jobs created through housing development,
  paying $226.9 million in wages.

  $24.5 million in grants for homeless services and supportive
  services.


                                                         MICHIGAN.GOV/MSHDA
    Who do our programs support?


       Food Service       Teachers & Librarians   First responders   Healthcare practitioners        Architect
       $29,492 (avg)          $57,761 (avg)        $71,401 (avg)          $72,980 (avg)             $95,034 (avg)
        30-40% AMI             60-70% AMI           70-80% AMI             80-100% AMI              100-120% AMI
        $737/month            $1,444/month         $1,785/month           $1,824/month              $2,375/month

Homeless Solutions ($24.5M)


            Multifamily Rental Construction ($490M)
                                                      Homeownership ($645M)
     Housing Choice Vouchers ($235M)
                                                      Missing Middle ($104.5M)
                                                                                                MICHIGAN.GOV/MSHDA
Statewide Housing Partnership

  Statewide Housing Plan
  Regional Housing Partnerships
    • Lead agencies and contact
      information
    • Regional Action Plans
    • Quarterly Progress Reports
  Michigan.gov/HousingPlan

                                   MICHIGAN.GOV/MSHDA
What’s next on MSHDA’s agenda?

 MI Neighborhood – in FY 24, a $60 million response to the
 regional goals established through the Statewide Housing Plan.
 Senate Bill 293 would give us flexibility in how we spend
 Housing & Community Development Fund dollars.
 House Bill 5032 would raise our single-family mortgage
 purchase price limit – was last raised in 2009.
 We need additional support for homeownership and
 workforce housing.

                                                   MICHIGAN.GOV/MSHDA
Questions?


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