Multi Family Rental Housing Development and Homeownership Programs - 186-0205-20

Description of Agency

The Michigan State Housing Development Authority’s (MSHDA’s) mission is to partner to provide homes and preserve places for the people of Michigan. MSHDA’s Rental Development Division administers the federal Low Income Housing Tax Credit (LIHTC) Program and the Multi Family Direct Lending Programs for the development of affordable rental housing. The LIHTC Program offers a financial incentive to construct, rehabilitate, and operate rental housing for low-income tenants. The direct lending programs provide additional financing options to meet the needs of rental housing developers. MSHDA awarded over $73.2 million of tax credits and approximately $364.3 million in financing from July 1, 2017 through November 30, 2019.

MSHDA’s Homeownership Division provides a variety of programs and products to purchase a home or improve a homeowner’s current property. Michigan is a recipient of the Hardest Hit Funds (HHFs), from the U.S. Department of Treasury, to provide assistance to families to help prevent foreclosures and stabilize housing markets. MSHDA uses HHFs to administer the Loan Rescue Program and the Down Payment Assistance Program, which provides a homebuyer with a down payment for the purchase of homes in targeted areas throughout Michigan. MSHDA issued loans to homeowners totaling over $1.1 billion and provided approximately $51.7 million HHFs from July 1, 2017 through November 30, 2019.

Audit Objectives

  1. To assess the effectiveness of MSHDA’s efforts in administering Multi Family Direct Lending Programs.

  2. To assess the effectiveness of MSHDA’s efforts in administering the Low Income Housing Tax Credit Programs.

  3. To assess the effectiveness of MSHDA’s efforts in providing financing to Michigan residents with low and moderate income for the purchase of single-family homes.

  4. To assess the effectiveness of MSHDA’s efforts in providing assistance to Michigan homeowners under the Hardest Hit Fund (HHF) programs.

  5. To assess the effectiveness of MSHDA’s security and access controls over selected systems and shared drives.

Timing

Estimated Release Date: Late 2020


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