The Michigan State Housing Development Authority (MSHDA) funds programs to assist landlords, homeowners, homebuyers, and low income renters. Repairs are intended to improve energy efficiency, reduce lead hazards and may include modernization. Examples are roof repair, vinyl siding, replacement doors and windows, electrical/mechanical/plumbing improvements, and interior updates.
The following programs are supported when the City of Lapeer is involved in a grant agreement with MSHDA for a specified target neighborhood. Applications will be posted on this website for any program that has approved funds available.
- Rental Rehabilitation Program: Please contact the City of Lapeer Housing Improvement Department Grant Administrator for more information.
- Homeowner Rehabilitation Program: For Homeowner Rehabilitation, the maximum grant funds allowed per unit is $40,000 with a minimum of $1,000. If qualified, existing homeowners may use up to $40,000 in grant funding. To encourage sustainability,50% of the grant money used is 100% forgiven if the family remains in the home for 5 years, the remaining 50% is due back to MSHDA when the family no longer lives in the home—generally paid back by proceeds of a sale.
- Homebuyer, Purchase, Rehabilitation: This component enables income eligible families to become successful sustained homeowners. The program strives to preserve the existing housing stock within the target neighborhood, and helps to prevent conversion of single-family homes to rental units. Homebuyers are responsible for obtaining first mortgages to purchase the home. Grant funds, in the form of second mortgages, are used to assist with down-payments and provide for rehabilitation and replacement of necessary items which assures the family a healthy, decent and safe place to live. Under the grant agreement, grant funds are held as a mortgage which is fully forgiven after 10 years of the family residing in the home. If the home is sold within the 10 years, the payback amount will be prorated monthly. A maximum fund for down-payment assistance is $10,000; and typical funds for rehabilitation are $20,000.
- Property Improvement Loans: Loans are available to income eligible homeowners with a sliding scale interest rate based on gross household income.
- Homebuyer Program (Acquisition, Development, Resale): Homes built or renovated under the MSHDA Acquisition, Development, Resale program are sold to individuals or families within a specified low to moderate income range. Applicants must meet income guidelines, be able to pay a minimum down payment, complete a homebuyer counseling class, and have acceptable credit to qualify for a mortgage within the price range of the available home(s). Applicants may qualify for special financing through MSHDA to make up the difference between their pre-approved amount and the sale price of the home.
The City of Lapeer is an equal opportunity provider