The Michigan State Housing Development Authority (MSHDA) provides financial assistance to homeowners and landlords to create and preserve safe and decent affordable housing. We offer two programs through the MSHDA: PIP loans for home improvements and MCC tax credits for homebuyers.
Property Improvement Plan (PIP)
PIP provides low-interest improvement loans to eligible homeowners and landlords. PIP loans are available for site-built homes, qualified condominiums and manufactured/mobile homes.
- Homeowners must occupy the property as a permanent year-round residence
- Landlord rental properties consisting of 11 or fewer units are eligible
- Loan proceeds shall only be used to finance property improvements which protect and improve the basic livability of the property
- Program income limits apply
- Interest rates vary based upon the borrower's gross household income
Mortgage Credit Certificate (MCC)
MCC is a federal tax credit issued in connection with the purchase of a home. This allows homebuyers to credit 20% of the mortgage interest paid annually on federal income taxes.
- Only applies to homebuyers in designated geographic areas
- Homebuyers purchase a federal income tax "credit" certificate
- The tax credit is good for the life of the original mortgage
- The home must remain as the borrower’s principal residence