The Michigan Senate has passed House Bill 5032, aimed at expanding homeownership options across the state, with the bill now awaiting Governor Gretchen Whitmer’s signature. The legislation updates the cap on single-family mortgages backed by the Michigan State Housing Development Authority, tying it to 90% of the IRS maximum sales price instead of a flat $224,500. This change allows the cap to adjust annually with the housing market, addressing rising home prices. The reform is expected to help more Michigan families secure affordable housing within 90 days of becoming law.
Reporting for WGRT – JP bZet
