The following content is an excerpt from Capitol Briefs, a publication of the Legal Services Association of Michigan. To read the full March Capitol Brief, click here.
The Michigan State Housing Development Authority last month unveiled an expanded program to provide assistance to Michigan homeowners seeking to move to a new home, called MI Next Home. This would broaden the current MI First Home program. Eligible residents can qualify for up to $7,500 in down payment assistance as part of the new program. There is an income limit of about $70,000 for a household of one, up to just under $100,000 for a household of three. The residence being purchased must become the buyer’s principal residence.