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 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 provide a home buyer 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 in HHFs from July 1, 2017 through November 30, 2019.

Audit Objectives

  1. 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.

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

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

Timing

Estimated Release Date: Late 2020


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