Small Property Improvement Loans Available Through MSHDA

Apartment owners should keep in mind a resource available through the Michigan State Housing Development Authority (MSHDA). The Property Improvement Program offers loans to landlords renting to low-to-moderate income tenants. Some of the improvements eligible for this program include roofing, siding, insulation, etc. The borrowing limit is $25,000 per unit, with a maximum outstanding limit of $100,000 per borrower, and the interest rate is fixed at 8%. Eligible properties cannot have more than 11 units total, and while there are no income requirements for landlords, the rental units must meet MSHDA guidelines. If you are interested in more information, visit the MSHDA web site at www.michigan.gov/mshda, then click on the Home Improvement link. ■

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