About 40% of Michigan’s residential housing stock was built before 1960. | PxHere.com
About 40% of Michigan’s residential housing stock was built before 1960. | PxHere.com
Roughly $18.5 million in funding to back a state housing program this year was approved by the Michigan State Housing Development Authority (MSHDA) Board.
According to Michigan.gov, the funds will help operate the Michigan Housing Opportunities Promoting Energy Efficiency (MI-HOPE) program in 2023.
“Nearly 40% of Michigan’s residential housing stock was built before 1960, but most residents don’t have the disposable income to make necessary and critical energy-efficiency-focused home repairs,” Tonya Joy, director of MSHDA’s Neighborhood Housing Initiatives Division, told Michigan.gov. “The MI-HOPE program empowers homeowners to make those important home upgrades, which will contribute to a better quality of life, improve the existing housing stock and increase neighborhood home values.”
The program was initially announced in the summer to help enhance municipalities and nonprofit agencies' home repairs with regard to energy efficiency. The Michigan Legislature earmarked $30 million for the federally funded grant program.
The first round of funding in October awarded $10 million to 26 entities that ranged from $100,000 to $1 million. Nearly $18.5 million of the remaining money will be disbursed this year, with $1.5 million to cover the program’s administrative costs.
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