Housing: other; housing and community development fund; modify. Amends secs. 58, 58b & 58c of 1966 PA 346 (MCL 125.1458 et seq.).

This bill modifies the State Housing Development Authority Act to update definitions and funding rules for the Michigan Housing and Community Development Fund. It clarifies terms such as "downtown area" and "adjacent neighborhood" and expands the list of eligible applicants to include various types of corporations, municipalities, and partnerships focused on affordable housing. The legislation establishes specific requirements for how fund money must be allocated, mandating that at least 25% support general rental projects and 30% target extremely low-income households through supportive or transitional housing. Additionally, it requires that any rental project receiving fund assistance reserve at least 20% of its units for households earning no more than 60% of the area median income.