Rss Feed
Tweeter button
Facebook button
Technorati button
Reddit button
Myspace button
Linkedin button
Webonews button
Delicious button
Digg button
Flickr button
Stumbleupon button
Newsvine button

House committee advances bill allowing mortgage refinance program for low-income families

House committee advances bill allowing mortgage refinance program for low-income families

Published on May 30, 2017 by Peninsula Reports

Legislation introduced by state Rep. Diana Farrington (R-Utica) that allows the Michigan State Housing Development Authority (MSHDA) to establish a means for homeowners to avoid foreclosure advanced through the House Financial Services Committee last week.

“Programs like this are important in keeping families in stable, affordable housing, and if MSHDA can offer refinancing without using public tax dollars I don’t see why we should stand in the way,” Farrington said. “Refinancing often gives homeowners a lower interest rate, saving them money. For low-income families this savings might be the difference that prevents foreclosure or keeps them from falling into a need for state-funded assistance.”

Farrington noted that the legislature had temporarily allowed MSHDA to offer mortgage refinancing from 2008 to 2011, without use of state tax dollars to finance loans or operating expenses. Once again, MSHDA wishes to develop a new refinancing program using private funds, with the aim of supporting low and moderate-income families. Farrington’s bill would allow just that, with no obligation on the state to pick up the tab in the event of any MSHDA debt.

The bill now heads to the House floor for further consideration.

Article source: https://michiganpeninsulanews.com/news/4343-house-committee-advances-bill-allowing-mortgage-refinance-program-low-income-families/

Speak Your Mind

*