Michigan residents can apply to the Property Improvement Program to make their home more energy efficient.
The U.S. Department of Housing and Urban Development and the State of Michigan provide several grants and low-cost loans to homeowners and renters. These programs help to reduce health and safety hazards in the home, make home improvements and help low-income homebuyers qualify for a loan. These programs require that you meet the established low-income limit level for your area to apply for help.
HOME and Community Development Block Grants
In June 2011, HUD provided more than $4.6 million to Redford, Port Huron, Holland and Genesee counties to produce more affordable housing. A portion of the funding came from the HOME Investment Partnerships Program. This grant program exclusively funds affordable housing development for both low-income rental and owner-occupied housing. HOME funds must serve families with incomes at or below 60 percent of the area's median income. The other portion of the funding came from the Community Development Block Grant Program. Eligible uses of CDBG money include acquiring and rehabilitating residential buildings for affordable housing development.
Lead Based Paint Hazard Control Grant
In January 2011, HUD awarded $4 million to Saginaw County and the Southeastern Michigan Health Association to eliminate the exposure to lead poisoning in low-income households. The use of lead-based paint was banned in 1978 for residential use; however, HUD estimates that nearly 24 million homes still have lead-based paint hazards today. The effects of lead poisoning include impaired hearing, learning disabilities, and developmental delays in young children. This grant program helps to remediate lead in the home and train workers in lead safety methods.
Mortgage Credit Certificate Program
The Michigan State Housing Development Authority administers the Mortgage Credit Certificate Program to provide low-income families more home-purchasing power. The program allows the homebuyer to have 20 percent of her annual mortgage interest credited to her year-end tax liability. The estimated annual cost savings is calculated on a monthly basis, which allows the lender to increase the loan amount. Homebuyers must meet income and sales price limits to be eligible for the program. The homebuyer can also not have purchased a home within three years of applying to the MCC program, and the home must be used as the primary place of residence.
Property Improvement Program
The Michigan State Housing Development Authority provides low-interest loans to single-family Michigan homeowners. Manufactured homes are also eligible for the Property Improvement Program. Homeowners can borrow up to $50,000 depending on their credit score. Their income must be at or below $65,000 ($74,750 in certain areas) to qualify for the program. Eligible uses of funds include roof repair or replacement, insulation, kitchen and bathroom remodeling or building an addition. The loan term is 20 years, and there are no annual fees of early payoff penalties. A loan application for the Property Improvement Program exists on the MSHDA's website.
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