i, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was...

36
TO: FROM: RE: MEMORANDUM January 31, 2007 Governor Jennifer Granholm Senator Mark Jansen Senator Nancy Cassis Representative Richard Hammel Representative Barb Byrum Michael R DeVos '1'1-1rtJ Execvtive Director FY 2006 Housing Production Goals Report Section 32(14) of P.A. 346 of 1966, as arr.ended, requires the Michigan State Housing Developme:it Authority (MSHDA) to provide the Governor and 1he appropriate legislative comn1ittees with an anr..ual housing production goals report for housing projects financed 'vVilh bonds and notes by the Authority. The following is the twenty-first such report under this requirement and represents an assessment of FY 2006 and the Authority's goals for FY 2007, The Authority's fiscal year runs from Ju!y 1 through June 30. I, FY 2006 Production ReE!ort Sect:on 32(16)(a) requires that the Authority report as to whett1er the production goals for the previous twelve months have been met, and If not, to explain the reason why. EXHIBIT I DETAILS FY 2006 PRODUCTION BY PROGRAM GOALS, ACTUAL LOANS CLOSED IN FY 2006, AND FY 2007 GOALS, The Authority rnet its goal for FY 2006, financing 5,388 new and rehabilitated units. The Authority's goal was 5, 100. A discussion about specific programs is contained 1n the next section and a list of programs. goals, and production follows. In FY 2006 the Authority distributed over $43 million in g(ants to !ocal governments and nonprofit organiz.ations. !n addition, the Authority administers the Low Income Housing Tax Credit for the state, which helped to create 3,410 units of affordable rental housing in 69 developments statewide. The Authority also admlnistecs the federal fiousing Choice Voucher Program (Section 8), and in FY 2006, an average of 22,489 families received housing assistance through this program. Multifamily Loan Programs Direct lending Programs This program represents the Authority's response to localized housing and reinvestment needs by financing rental housing. Funding comes frorn the issuance of tax-exempt bonds to investors; proceeds are then loaned for construction, rehabilitation, and long term financing. At least 40°/o of the units must be occupied by househo!ds with low incomes (60°k of AMI). The program operated in FY 2006 with a fixed interest rate of 6_Qt>/i;i and a curren1 pay rate of 5.So/., in eligible distressed areas, For !he TEAM Advantage program, financing smaller developments in rural areas, the iriterest rate '.vas 5.0o/o with a current pay rate of 4.5o/., in eligible distressed areas. MSHD,A.'s Preserval:io.1

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Page 1: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

TO:

FROM:

RE:

MEMORANDUM

January 31, 2007

Governor Jennifer Granholm Senator Mark Jansen Senator Nancy Cassis Representative Richard Hammel Representative Barb Byrum

Michael R DeVos '1'1-1rtJ Execvtive Director

FY 2006 Housing Production Goals Report

Section 32(14) of P.A. 346 of 1966, as arr.ended, requires the Michigan State Housing Developme:it Authority (MSHDA) to provide the Governor and 1he appropriate legislative comn1ittees with an anr..ual housing production goals report for housing projects financed 'vVilh bonds and notes by the Authority. The following is the twenty-first such report under this requirement and represents an assessment of FY 2006 and the Authority's goals for FY 2007, The Authority's fiscal year runs from Ju!y 1 through June 30.

I, FY 2006 Production ReE!ort

Sect:on 32(16)(a) requires that the Authority report as to whett1er the production goals for the previous twelve months have been met, and If not, to explain the reason why.

EXHIBIT I DETAILS FY 2006 PRODUCTION BY PROGRAM GOALS, ACTUAL LOANS CLOSED IN FY 2006, AND FY 2007 GOALS,

The Authority rnet its goal for FY 2006, financing 5,388 new and rehabilitated units. The Authority's goal was 5, 100. A discussion about specific programs is contained 1n the next section and a list of programs. goals, and production follows. In FY 2006 the Authority distributed over $43 million in g(ants to !ocal governments and nonprofit organiz.ations. !n addition, the Authority administers the Low Income Housing Tax Credit for the state, which helped to create 3,410 units of affordable rental housing in 69 developments statewide. The Authority also admlnistecs the federal fiousing Choice Voucher Program (Section 8), and in FY 2006, an average of 22,489 families received housing assistance through this program.

Multifamily Loan Programs

I?x-Ex~mpt Direct lending Programs

This program represents the Authority's response to localized housing and reinvestment needs by financing rental housing. Funding comes frorn the issuance of tax-exempt bonds to investors; proceeds are then loaned for construction, rehabilitation, and long term financing. At least 40°/o of the units must be occupied by househo!ds with low incomes (60°k of AMI). The program operated in FY 2006 with a fixed interest rate of 6_Qt>/i;i and a curren1 pay rate of 5.So/., in eligible distressed areas, For !he H0~.1E TEAM Advantage program, financing smaller developments in rural areas, the iriterest rate '.vas 5.0o/o with a current pay rate of 4.5o/., in eligible distressed areas. MSHD,A.'s Preserval:io.1

Page 2: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

lending parameters were significan~;y changed in April of 2006. As a resu't, t1e ;nterest rate, pub!:shcd v1eekly, ranges from 6.03"/o to 6.45o/o.

In FY 2006, this program financed 2:129 rental units in 28 developments, with a total investment of $169,296,875, The fiscal year's goal was 1,700 units. The Authority exceeded its goal in this prograrn.

t;.1ultifamlly Pa12§-Through Program

This program permits the Authority to issue limited obligation bonds on behalf of developers. Tne Authority's undervtriting is limited in scope. Sixty percent of the units must be for renters at 60'o/I) of area median Income or below. 1·he Authority's prirnary responsibility is to evaluate the degree to which the borrower's credlt security is sufficient to ensure repayment of the bonds.

Two loans closed under this program 1n FY 2006, representing an investment of $11,655,000 and creating 236 units. The fiscal year's goal was 1,000 units. The Authority did not meet its goal !n this program, because it stopped approving loans due to a lack of resources.

Single Family Mortgage Loan Program

This program allo·.vs the Authority to finance lov .. and moderate-lncomo mortgages for people meeting Income and purchase price Umits. The loans are fixed rate, level payment, 30-year mortgages. Optionally, the borrower may elect to take a lower rate for the first three years, to be followed by a higher rate for the remaining term of the mortgage loan. Borro\\lers must have acceptable credit and the ability to repay the loan" ln some areas, federal law permits MSHDA loans only for first-time homebuyers.

In FY 2006, this program financed 1,395 s!ngle-fami!y units, representing a total investment of $137 ,422,849. The average purchaser of an existing home was 31 years of age, with a household size of two and an average income of approximately $38,028. The average loan amount was $97 ,075. The FY 2006 goal was 1,400 units. The Authority missed its goal in this program by five loans, likely due to the economic slowdown in Michigan.

Mlchigan Mortgage Credit Certificate Prograrn

This program, authorized by Congress in 1984, reduces the amount of federal income tax a homebuyer pays, thus giving the person more available income to qualify for a conventional mortgage and make house payments. Potential homebuyers must meet income and purchase price limits. The !ender sets loan terms" The Authority has to turn 1:i a portlon of its allocated mortgage revenue bond a•Jthority to the U.S. Treasury to utilize the f'.1ortgage Credit Certificates,

ln FY 2006, the program assisted the financing of 885 singlo-famlly units. The total investment was $81,812,611. The average age of a MCC recipient purchasing an existing hon1e was 30; the average farr,J!y size \vas t'ivo. The average household income

2

Page 3: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved i!s goal in this program.

ProRerty lmerovement Loan Program

This program helps preserve older. existing housing by offering loans with interest rates of 4, 6 and 8°/o, depending on borrower's income, to homeowners that meet income limits.

In FY 2006, this program made 143 loans, totaling $1, 782,769. Sixty· three percent of these loans vJere to borrowers over 45 years of age, and approx!mately 76o/o of the lcens went to improve homes that were 40 years of age or oldeL The FY 2006 goal was 200 loans totaling $2,500,000. The Authority missed its goal in this program due to the overall economic tumdo;.vn in Michj;gan and high unemployment, v-1hich affected PJP production.

II. FY 2007 Production Goals Summa!;l

July 1, 2006 to June 30, 2007:

t>.1ultifamily Direct Lending r..1ultifami!y Pass-Through Loans Singte Family Loans

Michigan Mortgage Credrt PIP Loans

TOTAL:

Ill. Other Information

Social and Economic Benefits

$120,000,000 $50,000,000

$171,800,000

$75,600,000 $2.300,000

$419,700,000

~Jnits/Loans

2,000 800

1,750

800 165

5,515

Section 32(16)(bi(c)(d)(e) and (I) requires the Authority to report on the social and economic benefits of MSHOA's housing projects to the immediate neighborhoods and the cities in which they have been constructed, the extent of direct and indirect displacement of Jo-.ver lncome persons, and the extent of additional reinveslrnent activities attributable to the Authority's financing of these projects.

The obvious short~tenn benefits are the increased availability of quality, affordable housing for !ow and moderate income people, increased construction contracts and sales for builders and realtors, and increased Community Reinveslment Act producticr tor local lenders. Further, the multifamily developments financed by the Authority employ people vvho receive salaries and expend dollars for vendor services.

3

Page 4: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Developments also provide common space designed to enhance the community. Withir. these spaces many developments allow local senior citizen groups to provide mea! service, medical examinations, and classes of various kin:;s, In other developments, there are police mini-stations, food coot'.)eratives, book exchanges, craft shows, neighborhood watch programs, senior pal p:-ograms, and youth wort<: programs.

The Authority requires, as part of the underwriting process, that relocation planning be periormed and implemented in any situation where a f\.1SHDA ioan 1,vould result in the displacement of lovver income people, As a matter of policy, the Authority avo:ds approval of loans where such displacement cannot be adequately addressed.

Demographic Information

Section 32(16){g) requires the Authority to report on the age, race, family size, and average income of the tenants in housing projects.

EXHIBITS II, Ill, AND IV DETAIL DEMOGRAPHIC INFORMATION FOR THE SINGLE FAMILY, MCC AND PIP PROGRAMS IN FY 2006.

The information for ~1ultifamily projects closed in FY 2006 is u:iavaiiable because these developments are stllf under construction and not yet occupied.

Construction Jobs Created. Wages and Taxes Paid

Section 32(16}(h) requires the Authority to estimate the number of construction jobs created, Tvages paid, and taxes and payments in lteu of taxes paid.

EXHIBIT V ESTIMATES THE NUMBER OF CONSTRUCTION JOBS CREATED, WAGES PAID, AND TAXES PAID IN FY 2006.

Authority-financed housing created approximately 3,000 jobs and paid approximately $72 million Jn taxes.

Grants Made to Local Units of Government and Non .. Profrt Housing Service Providers

In FY 2006, -433 grants were made to Local Units of Government and Non~Profit Housing and Service providers, for a total grant expenditure of over $43 million.

EXHIBIT VI DETAILS THE GRANTS MADE TO LOCAL UNITS OF GOVERNMENT AND NON-PROFIT HOUSING AND SERVICE PROVIDERS.

Mobile Home Parks, Non~Profit Housing Projects, and Cooperative Programs

Section 32{16}(i) requires l~e Authority to report on the progress in developing mobile home parks and mobile home condominium projects, constructir.g or rehabilitating consumer housing cooperative projects. and in financing construction or rehabilitation of non-profit housing projects.

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Page 5: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

In FY 2006, no mobile home part.s were financed under tf)e Authority's f\~ichigan Mortgage Credit Certificate Program or Single Famify Program.

Neighborhood Preservation Program

Section 32(16)(i) requires the Authority to report on the progress in developing t'ie Neighborhood Preservation Program.

Tt'e original Neighborhood Preservation Program began in 1989 and financed approximately 429 unlts of small-scale multi~family houslng units. The program was evaluated, changed, and re·introduced in 1998. The goals of the program are to positively impact the image, physical conditions, and market and neighborhood management ot the target neighborhoods. Since 1998, approxirr,ately $28,340,732 in grants/loans have been made in 32 communrties across the state. Twenty-six grants have been made to the City of Detroit or other communities in I/Jayne county; 53 to medium to large cities; 14 to UP communities, and the balance to small towns.

Each NPP produces housing units either through new construction, rehab11Jtatio!i of space for rental units (usually above businesses downtown), or purchase/rehab for resale. In addition, each project includes homeowner rehabilitation, beautification through banners. landscaping and/or neighborhood signs, and marketing activities to improve the image of the neighborhood.

Prepayment of Federally and Authority Assisted Loans

Section 32{16)(k) requires the Authority to report on the status of federal programs that assist lov1 incorne tenants displaced as a result of prepay1Tient of federally or Authority assisted loans.

In FY 2006 the Autho:-ity adapted new preservation lending parameters for Section 236, Section 8, and all other federally assisted and MSHDA-financed rental housing. Thjs housing stock, that currently serves l\1ichigan's lowest income citizens and \Vas typically built between 197 4 and 1985, is in need of rehabilitation and p:eservation.

TI1e Authority offers tax-exempt and taxable preservation lending to extend the affordabHity, v:abilfty, and livability of thls existing rental housing for a minimum of 35 years. A Preservation Fund loan may be available as additiona! gap financing for eligible developments in the event the Authority determines the transactlon will not adequate'y address unme! physical needs. When a Preseiva1ion Fund loan is provided, affordab!l\ty restrictions wi!! apply for 50 years. No tenants are displaced as a result of these transactions.

Low Income Housing Tax Credit

Section 32(16)(1) requires the Authoriti; to report on the status of the Low Income Housing Tax Credit (Llt-ITC) including the amount of tax credits allocated, projects that have received tax credits, reasons why projects •.vere denied tax credit, a geographical

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Page 6: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

description of the distribution of tax credits, and a description of any amendments to the allocatlon plan made during the year.

During FY 2006, the Authority allocated $28.9 miltion in tax credits to 69 developments helping create 3,410 units of affordable housing

EXHIBITS VII AND VIII PROVIDE A GEOGRAPHIC DESCRIPTION OF CREDITS ALLOCATED ANO A LIST OF PROJECTS DENIED CREDIT, WITH REASONS FOR DENIAL

No changes were made to the Qualified Allocation Plan 1n FY 2006.

Education and Training Opportunities

Section 32(16)(m) requires the Authority to report on educatlon and training opportunities provided by the Authority including the types of education and training and the amount of funding commitled to these activities. Education and training opportunities provided by the Authority primarily inc~ude the Contractor's Assistance Program and our Technical Assistance efforts. The Contractors Assistance Program is discussed below.

The Authority provided Technlcal Assistance to nonprofit housing organ!zatioris throughout the state with seventy-hvo contracts made to thirty~eight different Technical Assistance providers, at a total cost of $1,064,309.

EXHIBIT IX DETAILS GRANTS MADE TO TECHNICAL ASSISTANCE PROVIDERS FOR FY 2006.

Contractors Assistance Program

Section 22{bb) requires the Authority to report on the status of the Contractors Assistance Program (CAP). The CAP was introduced in 1992 to provide more opportunities for small, minority orwomen..owned contractors to achieve success and independence" In FY 2006, no loans were made"

Housing Choice Voucher Program

The Housing Choice Voucher Program utilizes the private rental market to provide housing to low-income residents. Residents live in single family or multifamily rental d'.Nellings, paying between 30°4 and 40°/o of their gross income for rent In FY 2006, ar; average of 22,489 families participated in this program; the average age for the head of household was 46 years, and the average adjusted household income was $9,826.

Michigan Broadband Development Authoritv

Section 32{17) requires tt)e Authority to conduct an annual review of all loans and financial instruments that require repayment, or lines of credit wlth the Michigan Broadband Development Authority {MBDA}. The revie1,v shall contain an analysis of ~ho r..1BDA's ability to repay al! k>aris, financial instruments that require repayment, and tines

6

Page 7: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

of credit with the Authority and the amount and payrnent schedule of all current loans, financial instruments that require repaymen!, and lines of credit with the Authority. The review shall also contain an analysls of the number of Authority assisted or finan:>.?d developments and homes purchasing high-speed Internet connections at s:ubstantia!!y reduced rates as a direct result of loans from the lv1BOA.

EXHIBIT X DETAILS THE REVIEW OF ALL AUTHORITY FINANCED LOANS, FINANCIAL INSTRUMENTS OR LINES OF CREDIT, AND REPAYMENT SCHEDULES ADMINISTERED BY THE BROADBAND AUTHORITY.

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Page 8: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Exhibit I

PRODUCTION GOALS RECORD

FY 2006 (07101!05 TO 06130106)

Program FY 2006Goal FY 2006 Closed FY 2007 Goa!

:\1ultifami1y Direct J,700 2,729 I~oans $100,000,000 • lJni~s $169,296,875 Units Multifamily Pass 1,000 236

SOO lJr.ils i ·~

l,750 : $ l 71,800,000 L-0ans I

.~ ...... , Tli~S!-~_gh __ ~~':'.§ ___ $60,000,000: Units $11,655,000 UniL~ -----~

Single Family . 1,400 1,395 i

wans $140,000,000 I I~ans $137,422,849 L-Oans Michigan Mortgage 800 885

S50,000,000

:==-+---'====-,__,~=c+~S7"'5"',6"'0"'0"',0"'0~0 . 800 Ceits. I 165 ·1

c======""-'---====i_--:c=~-===c:..J.-==_l_-'"'$=2,3Q_Q_,000 __ J_.-O_fil_IS~

Credit Certs. $65,000,000 wans $81,812,61 l Certs. -Property 200 I 143 Irnnroven1ent I.oans $2,S(Xl,000 1-0aJIS $1,782,769 LDans

8

Page 9: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Exhibit II

SINGLE F A~HLY PROGRAM PRODUCTION RECORD

FY 2006 (07101105 TO 06/30/06)

New Existing

#Loans 97 1,297

$ Vo!ume $9,556,266 $127,745.400

,.\ \"eragc I.nan $117,487 $97,075

Average tfome Saie Price $128,731 $ 101,473

Average Income of BorrO'\Ver $ 41,596 $38,02S

/:...verage . .\gc of Borrower 32 31

/\ vcrage Fa1nily Size 2 2

~'0 ~1inorit)' Buyers 20o/I) 13°1~

~1o Female Headed l-Jot1schold 46'}~ 430,,{;

~'f. Belo\v 55°1-0 of Median Income 25~1o 40~/c

~;ti First Ti111e Homebuyer 89~/o 95~/~

9

Page 10: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Exhibit Ill

!\!I CHI GAN MORTGAGE CREDIT CERTIFICATE

PROGRAM PRODUCTION RECORD

FY 2006 (07101!05 TO 06/30106)

New Existing

# Loar1s 45 827

$Volume $4,693,752 $78.499,155

Average [,oai1 $104,306 $94,92()

,<\ veragc Hoc1e Sale Price $1!0,971 S97,799

l\ verage lnco1ne of Bo:::uwer $34,349 S32,663

/\''er age ~"ge of Borro\ver 33 30

2 ' ~ Average Fan1ily s:ze

~'0 Minority Bu:r'ers 12°/o 18~,o

~i Fernale Headed Housel10Id 43°/o 44o/o

% Belo\v 55% of!v1edian lncomc 63~,s 61 l}'&

~'~) f"irst l'in1e Homebuyer 98~~ 98~~ ..

10

Page 11: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Exhibit IV

PIP LOAN PROGRAM PRODUCTIO!\ RECORD

FY 2006 (07101105 TO 06130106)

#Loans 143

$Volume $1,782,769

Average L-0an $9,650

. .\verage Jncotne of Borrower $26.570

.!;. 'rerage Inte:-est Ra:e 6.0"/o

Average i\ge ofBorro\\'er 52

Average f'amily Size 2

~10 Borrowers Over Age 45 63%

% Minority Bon·o~'ers 21 t1~

0;;, Homes ~1ore tl1an 40 ):'ears Old 76%

A·verage Age of Horne 61

1l

Page 12: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Exhibit V

CONSTRUCTION JOBS, \VAGES, TAXES

FY 2006 (07/01105 TO 06/30106)

~11ult1family Direct Loans Jobs Wages Taxes 1777 Haslett Road 33 $2,206,269 5796,551 BeHevietv ff 21 $1,417,230 $511,677 Birch Park 52 $3,433,797 $1,239,738 Coventry \Voods 39 $2,616,329 $944,599 Emerald \Voods .t....pts. 31 $2,093,628 $755,883 Envin Estates 19 $1,237,676 $446,850 Golden Bridge Manor 10 $674,727 $243,603 Harbor Vie'"v 47 $3,128,367 s 1, 129,466 Hastings Pond Fa1Ilily 20 $1,334,195 $481,698 Hastings Pond Senior 16 $1,032,809 $372,885 HerJtage Place 112 $7,432,150 $2,683,303 Island City Apartments 23 Sl,562,313 $564,057 Kona Villa 49 $3,270,201 Sl,180,673 Lake Vic\V Apartments 9 $605,024 $218,438 La\vrence Park 130 $8,643,844 $3,120,773 1.exington Square 21 $1,429,001 $515,926 Lock\\'ood ofFento:i 74 $4,897,530 $1,768,204 !vfaple \Iillage II 23 $1,533,982 $553,829 Oxford Row l 38 $2,538,533 $916,512 Oxford Row ll 64 $4,259,710 $1,537,'126 River Terrace 99 S6,606,1Ci7 $2,385,069 Sprint,:rvie\v To\.ver { 1117_) 34 $2,256,583 $814,717 \rictorian Trails 14 $937,966 $338,643 \ 1illage at Appledom 74 $4,907,023 SJ,771,632 Village al Bay Ridge lI 85 $5,640,336 $2,036,387 Village Glen 59 $3,950,000 $1,426,!08 Village of Oakland Woods 57 $3.805,980 $1,374,! 11 Waterford Paik 18 $1,197,[32 $432,213

Subtotal: 1,271 $84,648,438 $30,561,472

ft,fu/tifamily Pass Thro11g/1 Loans Aldenvood Estates 62 $4, 150,000 Sl,498,316 Hillsdale (Jardens Apartn1cnts r _, $1,677,500 $605,645

Subtotal: 88 $5,827,500 $2,l03,%l

12

Page 13: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved
Page 14: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Si1tgle Fan1i(v Loa11s ll1ortgage Credit Certificate Properly In1prfJve1ne1tl Loart!i TOTAL

13

1,032 614

9 3,013

$68,711,425 $40,906,306

5583,796 $200,677,464

$24,807,573 $14,768,813

$227,120 $72,468,938

Page 15: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Exhibit VI

NON-PROFIT HOUSING GRANTS PRODUCTION RECORD

FY 2006 (07101/05 TO 06130106)

Grant Grantee Name Cit}' County Amount

Homeless Gra11ts ACSE1' errand Rapids Kent $35,745

Advent flouse Mlnisrrhos Lansing lngh;c,m $5,000

Adven! lfouse i\.1iniztties l,ansmg lngh.1m $500,000

,.\ llegan County Crisis Resporue SerYices, Inc, Allegan Allegan S61,.-::53

A.Hegan C'-0unt}' Cri;;is Response Services, Inc. Allegan Ailegan $45,00D

.AJhance Against Violence and Abuse-, In\; E-scana.ba l)elta Y:"i,0'.)0

,;J!ia.;ce ,>\gamst Violence :md Abuse, Inc. Escanaba l);;!ta s2s . .::0:::i

1\lte-n1a~l'T5 for Girls Detroit \Va~11e $22,CC'O

J\itrusa Teen i>J-1.:\.R.E Cold\vateJ Brar:ch ~48,665

,\!tru~a Teen S,H,A,R.E C:Old1.va!l:r Branch )~,~00

Americar: Red Cross Bay City Bay $30,000

Atnerican Red Cross Bay C:ity Bay $39,40()

.>\v.,are, Inc. Jackson Jackson $43,378

,,\\~·are, Inc. Jackson Jackson $I 0,000

Baraga County Shelu:r }{onle L'Anse- Ba:caga $26.4S8

Barbara Kettle CJun<llach Shelter Horne for ,\bused \Vomen Caluniet Hoaghton Sl9,160

Barbara Kettle Gundlach Shelter Horne ft~r Abused \i+.'omen Calunct ttougbton $5,80;)

3arry Coi:nr; lJrjted \Vay Hastings Barry' $10.3C'\J

~Jat.:c ('reei c:ommunity Foundation Battle C:eek Calhoun S~3,5f;0

Bay i\rea \\'onier.'s Center Ray City Bay $47,794

Belh:tn; Chri;;tiai: Serv-ices Fremont Ne•v:.ygo $21,000

Btlhany Christian ServiCk".s Fremont Ne\vav_g_o $10,000

Bethany lious1ng Ministries, Inc. J\1uskegon Muskegon $24,900

Blue \Yater Cemcr for Independent L1v1ng: Port Huron S:. Chlir $33,500

Blue \-Vatrr Center for Independent Liv:ng: Port Hi::ron SL Cl:!ir S5,21 I

Dlue \V.tter Center for Indepe:ident Liv:ng Port 1-Iuron St Clair 5,-:.5,GO{l

Branch County Coalition A .. gainst Domesti..: \':olence Coidv.·ater B::at1c'.::l $5,!.,!}f)'.':

Bran:'.-! !n:erfailh Ilospitali~y Netv.·ork C-Old-,,;,;trr Brar;-!1 $24.0GO

Branc;i fn~er~aitt Hospitality l\envork C'.-0!dv,-ate::- Brauch -~50JJ00

();.di;!ac Area OASlSiFaruily Resource <~~ntcr Cadillac \Vexfbrd $36,EIO

C11pita! Area Conununity Sen'ltDS J,ansing highani $23,440

C·.ipital Are-a Conununity Sen1iccs Lansin" > lnghan1 S37,130

Capital ,\n:a C'onununity Sen-·iccs Lansing lngham $40,439

!4

Page 16: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

(;rant Grantee Nan1e City County Amount

Capital /\rca Co1nmunJty Services T ,ausing lngham $43,S~15

Carc(ii\·er;; l)et::o:t Wayne S2l.:.OOO

c:armg House, iac. Iron Mo"Jntain Dicki:t~on $S3.037

t:ass Conuni;_nity Soc;al S.crv1ci::s Detroit \\'aync $20,000

(:ass Cotru:r.un1ty So::1a! Services J)ctrott \\1aync $17,000

latl:.n!ic Farr.ily Serv1c<:",s Ka!arnazoo Kalama100 $10,200

Catholic Hu1nan De-velopment Outreach Gra'.ld Rapid~ Kent $45,2SG

(:atholic Human Development Outreach Grand Rapid,; Kent S9,9~0

c:atholic l:iwn.an Services Alpena AJp.ena SI0,150

Catholic Social Services of\\I ash:enaw C:ou:ity Ann Arbor \Vashtena\V $20,5!JX

C2:tter for V."orr-.en In 'fransition Holland Ott.:1v.·a $79,000

Center for Won1cn In Transnion Holland Ottav.·a JOO

C'hanncl Hous:ing !v1inistncs. lnc. Ii an Oceana )29,400

Channel ffous.ing Jviinistries. Inc. Hm Oceana S30,000

ChilC and Family Services of Upper Perunsu!a, lnc. Marquette Ma:quetlc 525,)52

Cbcnces of fl..iarustee C:ounty Inc :\1artistee ~1anistec $74,500

Chris::an Neighbors Otsego Allegan $16,0GO

C-Oali1ion on Tempcnary Shelter f)etn1it Wayne S22.000

C.onFGDD Grutu1d Sanctuary BloomtlelJ I·Iilis ()aklru::i S30.t;o

C o:n1non (iro:.ind Sar::::tuary Blovmficld Hills Oakland S&tlO

Cotnmunitics Ove;:con1ing Violent &counters ~udtng\on Mason $31.250

Con1rr.Mity _.\ctton ,\gene; Jackson Jackson $55,028

Ccminanity ,\ction .A.gency J:icksun Jackson £22,400

Con'-<nunity A1.rtion Ager::cy Jackson Jack.sen $3{),000

Co:nmuntty Action Agency of So nth ('.c:r!ral ~11cl:lgan Battle Cree:O: C3.lliOJ..n $28,30'.!

Co:nrnc.nity .A.ct.on Agc,1cy ofSoi11b Central Michigan B-attle Creek Calhoun $43,140

Corr.:nunity ,.\ction Ho'JSe Helland Otta\va $51.50(:

Coniinunity Cure Services Lmcoln Paik Wayrie $25.997

(:o::ununiJy llealing Ccr.ter TI.rec Rivers St Joseph $5,000

(;onunun'.ty Hon1cs, Inc, Berkley Oakland SI l l,lCO

C orr::~untty Rebuilders, Inc, Gnmd Rapids Kent .$65,425

C0n1prehe::1St\'t Youth ScrvitX's, Inc :\1L Clemens Mat01nh $5,('(1'.J

Cow.p:ehens1vc Youth Scrvir..es, Inc !Yft Cleme1t."> M:i.;o1nh S33,200

(':>r:ler:;tonc Alliance Benton Harbor Berrien $: Jl00,0C0

COR~Y Place Bay City Ba:y $2S,206

Ccu1:cil on Do:ncst;e Violence a:r;d Sex:12.~ Assault 0-·hdland :\1id1an<l $38,6{1;)

Covenant Honse '.:\1ic1ugan J)ettoit \Vayne 'S l 5 ,GC":1

D.f.5 H., I:ic. l:Jattle Creek Calhoun $49,2fF>

f)ctro1t Cen!ral C"ity CJ\1li Detroit \Va;,'!:~ $15,2:;0

Det:Jit Rc£Cue .\11.ssion Ministries De:r::iit Wa_ync $2(),000

15

Page 17: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

(;rant Grantee Name City County Atnount

n1·11ne Peppler Reso11rce Center Sault Ste. l\.iaric ('h1ppev.-<.> $20,200 Domestic Assault Shelter Co<ilition l.'lree Rivers St. Joseph $5,000 Dontcstir •. .\u.aitlt Shelter ('oa~ition Th:ee Rivers SL Joscp:'l. $20,000 DonK•s::ic llarrnony HJllsC:ale Hillsda'.c $22,300 Don'.1¢stic Violcru~e Coali;ton, Inc. Paw Paw Van Buren ll~.000

Domestic 'linlence Escar.e {DOVE) IronwooC. Gogebic :tS,6'.)0 Domestic Vinlence l~scape(DO\.'E) Ir or.wood Gogebic $17,0:lO :'.)cn;cstic Violence P.:-oje;;: I:ic.!S . .\F !-',House (:enter ./um .A.rbor Wash~cna\\" Si.'. l,:J&O Ilgh:c.ap, fnco:po11t.t::d Gre::."lville .\4ontcuh:::i S30,GOO E1gl1:cap, Incorporated Gree:::ivillc 1"fonrcaL"'t1 s 1\10\J-J l:igh:cap. lnCOJ?OIUted Greenville Mon!calm $1&,0•}0 Ernergency Shelrer .Sen-ices_. Inc. Benton Harbor Berrien $'?5,0C{l E\'E. lnc. (End Violent Encounters) Lansing Ingham $27,000 Every Woman's Place, Joe Muskegon Muskegon $19.""00 Every \Voman's Place, inc. Muskegon Muskegon $l0,000 Family C'.ounseling & (fiildrea's Services of I,enawee Co. Adrian Lenawee $39,JSO

F:oruly ('011r1Seling & Sheller Services ofMo:iroe Counly 11omoe Monroe $77 ,603 Family Services, h:c Detroit \Vayne $18,280 Fedcrarioa of''( outh Services Detroit \Vayne SJ~ 250 First Step Piyroot::th Wayne $50,hOO

F1tnt YPtfCA Flint Genesee Sl?,160

Florence Ctit:er.ton Services Jackson Jackson $34.710

Florence CnttL'rton Senices Jackson Jae hon $23,GOO

Freedon1 House Detroit \Vayne S22J:.:~J:)

F::v:ndsh1p Shcl:er Gaylord Ots°"go $33,IDO

F~iends:'tlp Shel:cr Gay:ord Otsego $10,f;{)()

Ga1e\vay Co:nmt.:n:ty Services East Lansing Inghan1 $J$.OJ5

Ge1:esee County C11Jl Flli"lt Gen<:'scc $6,938

Gcn(:se::: Counly Youth ('orporation Flint Genesee $59,ltiS

Gogcb1;:;.Qnto!lngon Community .<\ction Agency Ironwood Gogebic $31,3(10

Gond Sa:ruuilan Ministries Holland Otta~va $34,000

GoodVv·ill industries QfNorthern Michigan. Inc 1·raverse City Grand cfraverse $30,000

Goo<:hvill Industries 0f Northern f\.iichigan, Inc 1"raverse City Grand Traverse $130,623

Goodwill lndustnes ofNorthern l\1ichlgan, Inc Traverse City Grand 'fraYerse $1Il,l00

Goodv.-·ill lndu'.~Enes of West Michigan Muskegon Muskegon $30,000

Grand Rapids ff ousing (~ommission Grand Rapids Kent $57,150

Great Lakes Capital Fund N,1n Pf{)fit !lousing Corp. Detroit Way:r,e $35,722

Great Lakes Recovery Centers tvlarquette Marquette $3,00U

l·lard Tunes C.:fe Ilarrison Clare $.] 1.000

l1A \'EN Hous~ East L.ansing Tnghilrn 132.SSS

16

Page 18: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Grant Grantee .l'\anie City Count)' A1nount

flavc:;i ofRe:;t !vfinistrtes of Battie <~ieek Battie Creek ('._"'l100un $/.000

J{av,cn of Rest Ministries ofBarJe (:1cek Battle Creek Calhoun 'illl,!00

IIA VBN, lnc. Bloomfie-ld Hills Oakland $-46,43 ~

Ilispanic Service ('enter I.Inlay City Lapeer $21,0l2

Hon1clcss .>\c1ion NetVi-'Ork of Detroit Highland "Park Wayne $22,0(10

Ht)Pf, Hospitalitv & W;;._m1ing Center, lnc. Pontiac o,JWmd $12,920

Hou:si::ig Resoun:es, Inc_ Kalarriazoo Kal'.lmazoo $190,'::45

Hou~1ng Services for Eaton Co. Charlotte Eaton $45.646

Human De\·etopment Commission Cam Tuscola $7,500

lCCF Non-Profi~ Hoi.:sing Corporat:on Grand Rapids Kent SEJ.725

Jnterfinth Ho:zpi!ality Ncffiork of \Vashtcnaw County Ann • .\rhor ·w a-shter,a,v $26,309

Je\v:isl:: Vocatiorral S<:'rviccs DeL--nit ';Vayne $22,000

Kalarnaz.oo Co'Jr.ty Nazareth Kalamazoo S40. ;oo KeyStonc Place, [n;:_ Centreville SL Joseph $91,GOO

, .ape er }\sea ('itize:IB Ag:ains: l)on1e&tic Assault la peer Lapeer SJ:?>,212

Lap0e7 Area C1rizens Against Do:nc:stic .A.:ssai;.lt Lapeer La pee: $3,000

Legal Services of East:::m ~11 Flint Gcne.,;ee $46,540

Lenawee f,mergency and J\ffo1dable Housing Corp. Adrian tcna'.vce $JiJ,00f)

Lena\vec Emeigency and ,>\ffordab:e 1-lousl.'lg (:orp. Adrian Lenawee $39_150

Lighthouse of Oakland C(~ .• Inc Po:-1tiac Oakland $68.340

Lighthouse of Oakland Cn., Inc Ponriac Oakland ll,000,GOO

Livingston Area Council A.gainst Spouse Abuse Ho\ve!I Livi.I:gs!on $17 .400

Livingston Farntly Center Pinckney JJvingstnn S20,00G Loaves & fisl-.es 1-11nisiries Lansi:ig lngharr. $26,335

Lo..::cl lnittatives S·.ipport Corporation Kalamazoo Kalamazoo s;/,445

l,u:'1erao Social Ser.'iees off\1ich1g:m Detroit Way1:e S3.'i,2J:J

L;.:.iheran Social Scrv::es ofWisco;isin & Upper 1'-1ichiga:1 Marqnetle Marque1\e S9,500

l.uthcran Soe-ial Services of Wisconsin & Upper ?viichigan tvfarquette MarqueUe $.~O.lOO

~1acomb County Rota.ring Emergency Sheher Team Roseville !\:fa::omb $30.000

~:facomb C.ounty V-/ arnllng Center E-astpou1te ivfacor::'.l ~5,flUO

Maco1nb Ho:i;eless Coalitio:i (Jinton 1\vp r..iacomb $7,50C

Ma:ristiq:uc Miniscerial l.s:c.ociauo1t, Inc. ~1anis.tique S.:hool:::rilfl $22.300

Ma!iners Inn Dc~oit \Vayne S27 ,Oi>J J\lartin A.rea Resour:e Center b.1artin A.lle_gan $J{),{J00

:Vfc~ro Hc:Eing Pat::iership Inc. F!m1 Gcnes.ee $7 ,sou 1':Ietro !-iousing Partncrs:iip Inc_ Vlint Genesee $155,2.'iO

tv1et:-o !lousing Pnrt:1er;;h[p Inc. Flint Genesee $844,75G

M:chlgan /+.bi:ity l)at1ncrs Ar.n :\rho~ \Vasb:enaw $15,795

/\-1id Michigan C o:mnunity Action ,<\g.eucy, Inc. Clare (]are $21,500

M1C rvtkhigan Con'.llntnity Action .Agency, f:ic. Clare Clare S38,Gi){!

17

Page 19: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Grant Grantee Name City County .t\Jnount

Mid Michigan Conununity Action Agency, Inc. Clare Clare $17,250

Mid Michigan Conununity Action Agency, Inc. Clare Clare $18,400

Mom's Miracle Home, Inc. Redford Wayne $5,300

Momoe County Opportrmity Program Momoe Monroe 568.481

National Council on Alcoholism Lansing Regional Area Lansing Ingham $27,456

:t\'eighborhood Service Org. Detroit \Vaync $18,280

Neighborhood Ser\'ice Org. Detroit \\'ayne SI0,000

Ne\~: Bethel Outreach Ministry, Inc. Pontiac Oakland $44,559

New l~tfe Home For Recovering\\.' omen, Inc. Detroit Wayne $20,000

:t\1e\vaygo County Community Services Fremont Newaygo $81,186

Ne\vaygo County Community Services Fremont Newaygo $30,000

North Country Commrmity Mental Health Petoskey Emmet $5,000

Northeast Michigan Community Service .i\gcncy, Inc. Alpena Alpena $/(i,250

Northwest Michigan I-Iuman Services Agency Traverse City Grand Traverse SlOS,533

North\vest Michigan Hurnan Services Agency Traverse City Grand Traverse $38,500

North\vest Michigan Hunun Services Agency Traverse City Grand Traverse S12,180

Oakland Livingston Human Service Agency Howell Oakland S45,000

Oakland Livingston Human Service Agency Ho\vell Oakland $41,900

Oakland Livingston Iluman Service Agency Ho\vell Oakland $35,781

Open J)oor and Next Door Shelters Kalamazoo Kalamazoo $9,530

Oscoda County Mio Oscoda $8,350

Otta\Va County Holland Ottav-:a $17,500

Ozone House, Inc. Ann Arbor \Vashtenaw $53,901

Polly's Place Niles Berrien $5,476

ProJect Rchab-'fhe Contact Center Grand Rapids Kent S28,115

Rainbov. House Domestic Abuse Services, Inc. Marinette Menominee $46,750

Relief After \'iolent Encounter St. Johns Clinton $27,195

Relief After \'iolent Encounter St. Johns Clinton $49,960

Relief After Violent Encounter lonia'I'\1ontcalm, Inc Ionia Ionia $98,100

Relief After \riolent Encounter Ionia/Montcalm, Inc Ionia Ionia $23,643

Relief After Violent Encounter Ionia,'J\.1ontcalm, Inc Ionia Ionia $6,357

Residential Services of Southv.'estern Michigan, Inc. Niles Berrien S12,IOO

Restoration Co1nmunity Outreach Sagina\v Saginaw $350,000

Restoration Conununity Outreach Sagina\v Saginaw $150,000

River Ilousc, Inc. Grayling Crav.ford $62,000

River House, Inc. Grayling Crav.·ford $6,200

Roscomn1on County Roscommon Rosconunon $8,350

S.A.F.E. Place Battle Creek Calhoun $7,000

Safe Horizons Port J!uron St Clair S!00,000

Safe Florizons Port !-Iuron St Clair $450,000

18

Page 20: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Grantee Name Safe Shelter, Inc. Sagina\\' County Youth Prolcction Council

S::ginavv Co'Jnt'J Yoi:tl: Protection CoJL;:1J

Saginav;.' J.fabitat for Huntaility

Saginaw Shelter for the Honw!ess, Inc.

Sagir.a'v Shelter for t'.1:e Homeless. Inc

Sag:i;law Shelter for :he Homeless, !nc,

Sa:lilac Area Violence Elimination Council

Sault St.;. Marie Housing Con'JJ1iss1011

Sault Sr.;, Marie Housmg Cow.mission

Sl:eiter .A.ss,ociation o:"Wash<er.aw Cou!lty

She:te~ offltnt, lnc. s·11clte;, I~1c.

Siria1vassce C'-0un:y

Simon liousc, Inc.

SlREN/Eaton Shelter, Inc.

SOS Comnrur.ity Se;'>ices

Soutl:: Oakland Sheher

So·..1t'1\ves1 Detr:J:t Cour..sehng and Develop:nen! S:::rvtces

Sou:11,,vest I)et::oi1 Counse:ir:g and Dcvc!op::neut Services

Southv<'est Housing Solutions Corporation

Sout111.>.'c:s1 ]lousing Solutions Corporation Southv.,est Michiga..1 Community A.ction Agency

Southwest Mi:higan Cornn:-.u:.ity Action Agency

s(.uth'A'CSt ivfic:tigan Corrur.uruty i\ction Agency

SoL.thwes: !v1ic:tigan Con1L1u1ll:y J\ction Ageccy

St Cla1t County Commun:ty Mental Healtt. Authority

St Johus Cornrnunity Center

St Vincent Catholic Charities

Staircase )'ouil:i S~1vices, Inc.

Summit PoL'1:c Surr.mi1 Poi<ue

SJ.Lri'ie- ~fission

Sylvi&'s Place

The Salvation Anny

The Sa!Yation A.rmy

·nie Salvation Army

'11::;; Salva;ion .<\m:y

The Sa\v.:i;:on Amy

1 he Salvanon Anny

19

Cit)' Beuto11 Harbu1

Sagina-w-

Sagi~aw

Sagin:r.,,

Sagin;;.w

Saginav.'

Sagina\Y

Sandusky

Sault Ste. h-1arie

Satill Ste_ r-.1arie

Am: L\rl::or

Flir.t

Alpena

Corunna

Detroit

Charlo!te

Ypsilanti

Roya1 Oak

Detroit

Detroit

Detroit

Detroit

Benton Llarbor

Benton l'!arbor

Benton Harbor

Bcr:ton Harbor

Port Ht:.rorr

Detroit

Lansing

Ludington

Battle Creek

Battle Creek

1\lpena

.-\Hegan

Benton Harbor

0\VOSSO

Es.canaba

E.scanaba

\-Vauv"atosa

A.l:na

Grant County ,-\n1ount

Berrien $10,IJVO

Sagin;:nv $68,920

SagiIIB\V S3,l0D

Sazii:~\v S7,5G'.l

Sagiaav.; $55,370

Sagina\\: S500,000

Sogina\.v $6,85{1

Sarulac S.30,000 Chippev;a $44,600

Chippewa $45.000

\\' ashtena\v $57,3SI

Ge::tesee $96,563

Alpeta $67,.100

Shiawassee :)6,000

Wayne $10,280

Eaton S3i,SI5

Wa:shtcn.J.w Sl42,72S

Ou!<Jand $33,75;1

\:V:iyt:..:: $22_,000

\\'ayne $2,000,000

Wayne 514,000

\\layne s 1,000,000

Bemen 126.1 OG

Bern en $12,000

Ilcrrien $3(\000

Ilcrr:{""n $49.300

St Ciait $1,500

Vv'ayne $41,770

lngham $28,114

Mason $2".L260

Calho;;1~ $25:'.J,Q~io

Calhoun S75fJ.0~·10

A.1pena $38,00()

}\Hegan $64,747

Berrien )24,000

Clare $5,000

Delta S.!,5C0

Delta s:s,aoo D!ckinsoa $48,363

Grat:o: $24;+00

Page 21: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Grant Grantee Name City County Amount

The S:i.lvation Army Lansing Jngham S25,450

1 he Salvation Anny Jackson Jackson $30,934

The Salvation Anr.y Gn1r.d Rap:ds Kent $7.500

'rhe Salvation Arny Ludi:1g:ou !\fason $22,900

The Sal»ahon Arn1y Big Rupids Mecosta $17,750

11ie Salv;rtion Army Big Rapids 1'1ecosta S30,000

1'he Salvation 1\rmy Detroit \Vay:Ic l-22,000 !ne Salvati{lil t\rmy De!roit \Vayne $22.C~JO

The S.alvation Army, M.A. TI'S Warren Mn comb SZ0,000 The Salvation J..rrny of Cheboygan County c:heboygan Cheboygan $38,600

'The Salvation Anny of Washten:iw County Ann Arbor Washtenav.' $15,795

7he Salvatlon A.nny,,,(}rand Haven Grand llaven Ottawa Sl8-,0C{l

Tri-Cay A.::-e-a l 1nited Y./ay 1',far:nette Menominee $ID,850

Tummg Point Inc. Mt. Clemens Macomb $22.200

ll.P. Corr.1r!1uni1y Services Iron Mountain Dickinson S7,500

lJ<tderground Railroad, In;:. Sagir..Jvl Sagiru:1.v $75,510

li11dergrot;.J;:Jd Rai1r:;ad, Inc. Sagbaw Saginaw $600,000

United Corrununity Housing Coahtion Detroit \Vay11e 5:22,000

t~ni:ed \Va)' ofCluppcwa County Sault Ste. !\1aric Chippe·~a S6,200

"C"n:.ted \Vay 0f Li!peer County Lap~r J,apeer $50,065

United \Vny ofMoaroe (A;i"Ul!ty Monroe Monroe $8.716

United \11.'ay of Otsego County Gaylord Otsego $8,500

\ 1 olunteers of A1nerica of Michiga:i Pontiac Oakland S36,692

VIJsh:er.a\V County Ann Arh<>r \Va~l:tC:I<::\V s; ,soo \Vayne Cou.<ty Neighborhood l.ega! Services Det:oit Wayne $] 7,000

W ayne-t.1etropo!l!an Communily Action Agency Wyandotte Vlayne $42.703

\Veil House Grand Rapids Kent sc·"'"'" , ' ' ',. \Vest ~1icbigar: ('or::."':nr:tl:y J\.fei:tal IIcal:!:i S)s~em Lud:.ngton '\1aso~ SS,000

\Vest Michigan Therapy, Inc ~111skegon !\1uskegon $20,400

\Vest Michigan Therapy, Inc, r-.1uskegon Muskegon $1,000,000

\Vestern l\ficl1igan Legal Scrvicc'.s Grand Rap:ds Kent $4,000

\Vo.:n:::~·s Aid Service, lnc. fvh. Pieasant Isabella $26.800

Wom::3's .<'\JC Service, :!r:c, 1Y1L Pleasant habella $<,000

\\'on1en's Aid Service, 1nc ML Pleasan1 Isabella $5,000

Women's Aid Service, Inc. h:ft. Pleasar:t Isabella $6,075

\V' om:on's <:enre:: Marquette f'vlarquettc .$S0.0QG

\\'onlen's Center Marquette l\1arquctte $111,100

\V(ln1en·s Infornmtion Sorv1ce Big Rapids !v1ecosta S18,il4

\\'omen's hiforniati;)n Si::rvice Big Rapids \.1ecosta $15,000

\Von1en's Jn'.ormation Service Big Rdp:ids :vle;;cs.t:i $775,000

20

Page 22: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Grantee Name \'{omen's Rcc;ource (',enter

\Von1en's Re::.c'JfCe ('enter

\Vomen's Resource Center

\\.'o~en's Resource Center ofNorthen1 Michigan, Inc.

\Voodlands Behavioral J1eaithcare ~ctwork

Young \Vo:rr:.en 's C:hr;stian Association of hlllamazoo

Young \Vo!llen 's Cii:i5t1an As.sociati0n ofKal;u-r°"'Z<)O

\'\\>'('A of Greater Fl:nt

YWCA .. West C'.-entra1 Michigan

''l\VCA 'Nest Central i\,~1chigan

\1.J,'Ci\ \Ves! Central :"viichiga::i

To-ta/ llomele~s (irants

Jlousing Resource F'und Bagley IIons1ng Association

Bay .i\rea Housing, lnc.

CAP Nonprofit Housing Corp.

C£:1)Ai'vf

CED AM

Cily of Alpena

C1:y of (ireenville

C.ity of Iron 1\.-"'.:ountain

Do .. vrnive: Cunu:r.~1ruty Conference

ferris Development

(Treater Cori:t:O\\'IJ I)evelopment C-0rpnration

Habitat for 1--lu."lunity of Mic}.igan

Local !nitUtives Su:;:>port Corporation

Local In!tiaitves Support f::orporation

>Jc._v C'er.ter Cotinci1, [nc.

T ri-('.ounty Regional Planrung: Con1-.'11li>"ion

tJi:.ivers:ty Cuitt.ral Center :\ssoc1a'.lon

\\'est "tv1ichigan Strategic Alliance

\Voodhr1dge Ncighb\)rl:ood Development ('.orporaeon

Total Ho11sing Resource Fund Grants

City Traverse City

1'rave::-se City

Traverse City

Pt>to&kcy

Cassopolis

K:ilatnazoo

Kalarr,;;,zoo

Flint

Gr:uvi Rapids

Grand Rapids

Grand Rapids

Detroit

Bay Ci1y

Yps-ilanu Lansing

Lansing

Alpena

Greenville

Iron Molmtalll

Southgate

£,ansing

Detroit

La::isi:i:g

Kalan1azou

Kala:itaZOO

Detroit

Lansing

l)etroit

Grand Rapids

IJetroit

Grant Count}' ,.\n1ount

Grand Trave:·sc SS0,544

Grand Tn1vi:rse S575Jl00

Grand Traverse SlO_OOO

E-n1n1et $43,600

Cass S7,~00

Kalamazoo $61,~1<.0

Kalamazoo $900.000

Genesee S4L926

Kent $66,515

Ket1t $570.000

Kent $130,0DO

$21,921,I49

\\ia;a1e $17,~15

I3ay Sl2,500

\Vashienaw $65,000

Inghr.tu S126,600

Ingham S24s,sgo

,Alpet1a $25,000

J\iontcalm $80,{){}I]

Dickinson S'.'.5,000

\Vay11c $25,0CJO

lnghain S200,0UO \Vay11e $100,C"JO

Jnglum $249.000

Ka~anuzoo $175,JOO

K alan:.azoo 5249,000

\Vayne SlOO,OOG

Jnghan1 $25.000

Vv'ayne $100,UC'O

Ke:i1 $25,000

\\.;;.yr,(' $100,GOG

SI,9.48,095

Page 23: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved
Page 24: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Grantee Narne

Commu11itJ' Dcvelcpment Block Graitts Algrr (\nuity

Bay Com1t;t

Benzie Ccunty

Berrien Cvunty

Cahunet Til\Vnship

Cass C:oru1ty

C"bippcv,:a C0unty

City of ;\drian

Ci1y of AJpen:i.

C'ity of Bad Axe

(,::ity of Do\vagiac

('iry of Eaton Rapids

City of Fremont

City of Gladstone

('it}' of Hancock

City' of ~.·!orenci

C'ity of Sandusky

(~ity of SL Jolms

City ofStergis City ofVassnr

Clinton (':ouncy

Crawford Ccn;nty £?,ion (~o'1n:y

Gladwin CoUJtty

Ut>gct-ic Coua:y

Grand Traverse Cc;ur.ty

Gratlol Co:i::ity

1-lillsdale Colctty

Jl~ron Cc:i.1t'j

los:o Cou:ty

Iro:1 County

Jackso:; County

K;;;l:;aska Coun;y

Lenawee Ccm:ty

Ltvtngsh1n County

l.uce County

Ma:ustee Cuunty

Masoo ('aunty

}.1cn,11nlt1ec County

22

City

h1urus:rr:g

Bay City

Beulah

St Joseph

Cal1L"net

Casso?OliS

Sault Ste. Mii.rit>

Adrian

Alper..a

Bad Axe

Doi.vagiac

Eaton Rapids

Fremont

Gladstone

Ilancock

Morenci

Sandusky

St. Johns

Sturgis

\ 1assar

St. Johns

Grayling

Cl'.arlorte

GlaCw:n

Besseme~

Traverse Ci:y

I;haca

11:11.sCale

Bad Axe

Ta-,,vas c:ry Crystal F<i:ls

Jackson

Kalkaska

Adrian

Howell

Newberry

Manistee

I"udington

Menominee

County Grant Amount

.A.Jger s15C1J:uo Bay S?.CD,Of1(;

Bera.le $150000

Be:rrien S300,01){1

Houghton £592,100

C'.ass S25G,OOD

Chippe\\·a $115.30(1

Lena-,vec $352.00()

A.lpena $336,500

Huron $91_,400

Cass $1 :S0,000

Eaton $243,900

:t\'ev.'aygo $365,800 l)elta 5359,700

I-Ioughton $426.800

Len<i\VCC $75,0GO

Sanilac S91,400

Cllnton $243,900

St Joseph $103,600

Tuscola Sl 70,70-0

Cli:i.ton S275JJ00

Crawford Si50,0CO

Eaton S.301},0GO

G:aci\\'in $175.0CO

Gogebic S150,0C0

Grand Tra,-c,,.c 1300,000

Gratiot 5200,0GU·

Iflllsdale $215,0GC>

l-luron S2-00,00C•

Iosco i 175,0GG

hon .l 1 so.nor: Jackson $300.00G

kalk<iska $150,000

l__.ena'.vee $300,00C

Liv:ingston $300,000

luce s l 25,000

f..·fanistee Sl7:'.',000

Mason $175,000

R1enoirunee s1~:s.ooo

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Grantee Name

i\1issaukee Cot:nty

Munt.:ailli CouHty

Montmorency County

Newaygo Connly

Oceana County

Ogenuv• Cou:!tty

Roge::-~ (~it)'

Sag1na\V c:o:..ir.Pj

Sanilac (:ounty

Schoolcraft (',aunty

St. Clair County

St. Joseph County

Tuscola County

\!an B1ucn (~o-ur.ty

\.r::L:ige of Jonesville

V:!lagc ofOn:cnago:J

\\'exford Cotmt;'

TqtaJ CDHG (ira11ts

Granteit Name

HOME Grants 3aglt>y Ho'Jsing J\s:::oc'.atio::;

Bay .A.rca HousiJ1g, ;:;c.

Ber.zie Housing Couc:il

Cha!UJel Housing Min1str:es, lac.

Charter Township of Redford

Chippev•a-Lur.e-Mackinac Cominunity Action

C1'ippc-\va-Luee-~1ackmac C:cm:nunity Action

City of Dearborn Heights

c:i:y c{"Portage

Ccrn.11un'.:ty A:lio:l Agency

Coi:i:nun:ty Hous::ng Aherr.:iiivcs

C'or:ununity Honsmg lniriarive

Community !lousing In1lia!ive

Eaton County

Economic Opporturuty Corrunitt:e of St Clair c,)tm!y

ferris Devclop1ne:it

FiveC2p, Inc.

Frsrik::n Stteet Con1mt<ni!y 1-Iousmg Corpo:a1ion

Garfield !)evelopmen: Corporation

City

LakcClty

Stanton

Atlanta

\Vhite Cloud

H•rt

\Vest Branclt

Rcge::-s Ci::;,'

Sagininv

Sandusky

11anistique

Port Huron

Centreville

('aro

Pa\V Paw

Jonesville

Onionagon

(',.adi'.lac

City

D~t'o1t

BayCi07

II on or

J-lart

Redford

Sault Ste. Marie

Saul~ Ste. Marie

Dearborn !-!gts.

Portage

Jack.sou

"\'psilanti

Niles

Niles

Omlotte

Port fiuron

Lansing

Scortviilt!

La:u;i:ig

Grand Rapi<ls

23

Ci>unty Grant Amount

~1jssankt",e S ! 50JJOO

Montcalm $275,000

Monimorency $150,000

Newaygo S225,!JOO

Oceana s::;a,oeo Ogemaw 5:75,0C-0

Presque Isle £:7:5,0GO

Sagina;v $300<000

Sanilac $225,000

Schoolcraft $125,000

St Clair $300,000

St Joseph $275,0CIO

1·uscola S250,00:)

Van Burer. S3CC,OG1

Hillsdale s:s,000

Ontonagon i243.9GO

\V::xJord $200,000

$12,450,000

County Grant 1\mount

\Vaync Sl5,(:0:l0

Bay 529,GOO

Benzie S3D,OOO

Oceana $60,000

\Vayne $.250,000

c:bippcwa Sl5,000

Clrippc\va $6j3,0GD

Wayne £75,000

Kn:arr.:::izoo SJ30,000

Jackson $30.i)i)[}

Washtenaw $15,000

Berrien $200,!Jfj{)

Bemen $10,000

Eal on $235,0G-O

St. Clair $480,000

fngl:am $14,DOO

!vfas0n $30,0:JO

lngluun Sl20,C-OO

KerJ $15,GOO

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Grantee Nain~ City County Grant A1nonn{

Gogeblc-Onton;.gon Corrutt.m'.ty Act1o:i Agency I:onwood Gogebic S.60,00G

Gra!'lcln1ont/Rns.;-d;ilc Development (::orpo1 illiou Detroit ',Vayne $15,000

Greater Eastside C.omrnunity Associa~ion Flint Genesee j: l I .500

Greater L;.nsing I-lousing Coahtion l.<tnsiwg lngharn SJ0,000

Grcatrr Niles C1_;mrnun1ty DeYeloprncnt Corp_ Niles Berrien $17,500

Greater Niles C:Omrnunity Deve:opmen\ Corp. Niles Berrien $100,(J:"lO

Ilcarts1de Non-Profit Hous:ing Corpor.:tioa Grand Rap:ids Kent $2::0,000

HOlviE of Mackinac Coilllly S:. Ignace Mackinac $?0.000

HomcSlretch Traverse ('ity Grand Traverse $506,0Gn

l{cir.eStretch f;averse City Gr;;nd Traverse $60J)(I{)

Housi:tg f)evelopment C o:poratio!l South llavcn Van Buren $200,000

Housing Developn:ent f:Otpora:Jon South Jiaven Van Duren $5(J,I)()(\

!lousing Opporturnties for ~1aoomb, Inc. Eastpointe Ma::.omb S30,00:J

Human Dcvclopmeut Conunission wro ·rusoola $60,000

Human Devclop:neut Corr ... 'Ilission Caro Tuscola $125,000

lCCF Non-Profit Hoesing Corporation Grand Rapids Kent $30.000

J(:CF Non Profit Housi1~g C'.orpor;;,tion Grand Rapids Ken~ :>435,fiOO

Jackson .A.iiordabie Hsg. Corp. Jackson J5cks0n SJ 5.DOO

Jub:Ccc J\1inistries, Iuc. HoJ;;rnd Ottav.a $30,{)0(1

Kalamazoo Neigbborhond IloU3lllg Sc:vices. Inc. Kalamazoo Kalani.azov .$?0,0UO

K:al&t:lilzoo Neighborhood Hn.ising Services, Inc. Kalaniazoo Kalamazoo 5;30,000

I ,ecJana;1 County Leiand Leelanau 5175,000

Lighthouse (~omnrunitles, lnc. Grand Rap1ds Kent s 15,000

Lighthouse Commwilhes, Inc. Grand Rapids Kent $2.'.5.000

Ligh:hou.<Je Commur:ity !Jeveloprr.ent Por.tiac Oakland $i5.0GO

tv11d Michigan Comn>illiity . .\..;;ti.on Agency, Inc. Clar.; Clare $30,000

l'v1o:xoe County Opportu.r.ity Program Monroe !vfonroe S:lD,OOC

~<.-::CS Center for Nonprofit I-lousing Fremor:.t Newaygo suo,non NCCS Ccn:er for Nonprof1t Hou.5ing f•remont ~e-\\"aygo $J.30J•OO

NCCS Cccter for Nonprofit Housing Fremont Ne1vaygo $4SD,Ouo

Ne1ghborh~od lnvestnent Corp. !l,iuskegon ~11t-.kegon $37,500

New DeYelopn1ent Corp-0rat1on Grat1d Rapids Kent $15,000

Nonheast ?vtichigau J;.ffordable Housing 1\lpena Alpena $2),000

Nonh">vest De!roit Neighbor!1ood Deve!opinent {)etroit \\1ayne $2,500

Nonhi.vest ('..1:ehi;;ar. Human Services Agency Trav~rse City Grand T1a\·c-rse $219,601)

Nortli\\'eSt Michigan Human Services Agency 'fraver:sc City ()rand TTaV:'.rsc- $60.00C

Ottzwa County 1-folland Otta\va $100,000

Rura} Michigan CJ)C H illJr.tin Montmorency $135,000

Rtcr.il !v1ic1'igan CDC Hil!mau J'viontn1orency S6t:Jt00

Scnthvvest !'vlichigan Con1nrunit)' £\ction Age:i.cy F~enton Harbor Berrien ).?,Q,000

St::rgts N:c:ghborhood Prognnn Sturgis St. Jciseph $30.000

24

Page 27: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Grantee Nanw Die Con1mun;ty Develop:nent Corporation ofW nrren

lJJ>_ (_'on"llt:n!ty Sen,i.:es

L '.P _ C:Onm;unity Services

Tt>tul HO!IJE Grants

TOTAL OF ALL GRANTS

25

(_'ity

\\'arren

Iron ~ountain

Jron N1our.tal1t

Couniy

fl..1<1i:omb

Dickui_<:on

Dickinson

Grant An10,1nt

$1 L25D

£6(\0UO

$166,600

$7,009,450

$43,328,694

Page 28: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Exhibit VII

LO\V INCOME HOUSING TAX CREDITS ALLOCATED

FY 2006 (07101/05 TO 06130/06)

26

Page 29: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

27

Page 30: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

2,943 lJnits

28

Page 31: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Exhibit VJ](

LO\V INCOME HOUSING TAX CREDIT APPLICATIONS DENIED

Project

i\lbion Hornt>s Btunngton \VGOds /\f'.S

Rean Cr;;ek Crossing Bishop G, D. f>.1oore Bon:dwalk Estates Buildilg Broussard Place Casa de! Rey Champlain 'v'ilhige (';intcn Street Place Conner (:reek Elder~y II Cranbrook Senior Village Duke Lane Apts Euclid Street To"\\1iliorne-s Fi:gene llogan Housing Slates Everg:;;en Esta~es (ira!'lot 24 J:imcs :.1anor !\-1aple }.1anor Building Nerthv;·esl Un:ity Honcs ll Oakcrest v·n:age

Old tvfill Greene Otta\\--a County Suppor1ive Housing

I':nkslde Apts Petoskey Park To1vn.'1omes Pnnceto:::i Estates Phase I Rcrraissaru:e Co'Jrt Residences at \Vestb~ook Place Sankofa \Tillage

Sco!1 Buildi1:g Sheldon PJ;.,::e II .•\pis Shoenuker Square

Sn:cth House Apts Smnh Street Ilomes South Sagmaw 11or..es TI St. A:ibm Square S! Paul's Elderly S;/canx)re Ho'.lse Taber7tacle Esmtes Thurgood !'vfarshall Horr.es To•vniine .\1anor

FY 2006 (07/01/05 TO 06/30/06)

Location

Albior, Ponage Hudson Highland Park Maaist;que C;;,ssopobs Ponti.at: Detroit Grand Ledge Detroit lJnion ·rv.p. Kall'.nlllYOO

jJetro1t

Detroit Detroit Detroit Reed City Crystal Falls l)erruit Osceola TW?. Blissfic:d ("Jrath~ Haven et al

Alln Arbo:::

Detroi1 1)erroi1 Ponttac Datt1e Creek Detroit lfanc:)ck Gaylord Delro1t

Detroit Det::o!t Saginaw Detroit Detroit Durand S.:i.:;:.i:UV/

11c'nt011 Earhor Reed (~ny

29

Reason

Land Control Low Score Lo'.v Score Low Score Lew Score lnw Sco:e Lo'v Special Needs Score Lo'.v Store l:Ilgh Speed Internet LO>A' Score ,\·fa:-kcting Low Score l2nd Control land OJ11trol/Ti~le/Cor:tractor Environinc:itd Low Score Land Control/Site Plan'1Jtilities 1"itle Ins/F;nancing Low Score Lov; Sco1e Lo"\Y Score Low Sco•c-Lov,1 Score

Low Score Geogr4p1tic linlit l,ow Special Needs Score l.And C0nlro! Low Score LO\V Score Low S::ore Low Score Lo\v ScorctSpeeial Needs No Go !ligh Speed lnteoet Marke:u1g Lo\v Score Lov.' Score Lo\\' Score Low Score Low Score Low Score

Page 32: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

TyTolcan \1i1lagc & Sr \.'illagc \'illage at Cobblestone \Vest To\.vn 11

Gaylord .i\drian T\vp. Detroit

30

J,ow Score Low Score Environmental

Page 33: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Exhibit IX

TECH1'ICAL ASSISTANCE PROV!SIO:'i

FY 2006 (07101105 TO 06130106)

Page 34: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

;-·---··--···---·---·:---·---·---··---·---·-------r----· -- ------··---;·-------·-1

l ____ Co~ltau!__~----l--·---· Org:ani~ation ______ J ____ l'.££!:~!slsL C!!_tg(;ry ____ J_ ~~~~;'.!c~ -1,

. ' ' 't- C~on1r:r.·Jnity Dev. L'or.sultanl Gp. j Rural Michigan COC _ ' Capaci:y Bid..-.iDi~~ct TA ----~-_____lh6?S i C~;,,:.:;1eu S~_rviccs, l,.l&______f MSliIJA (Geoll.1apping) ! C:i 11c1ty Bl_di!.!lndtzect TA, .. -------+---J24,59Q .. i

t~Otl'.rt:_Unity Lega.1 Rcso~~~ --~li!?A IPre_~~·-:1 ___ ··------~10:1$!1 S<::~'_<Ci!S -~---·--- --+ --2~1!_~ Ccmr:11Jn!!J' Vlgr;it. As.yocrnte$ _-----LM.SH!)A {fnoo~ \erif:cai1~:J Tr.u;;~j Capac;}y Bldg.ilndire~~------ .:;5,~,9~ ;

' C2tnrr.0Jn:itv},fgn:i _l\ssociJ¥.s ~ __ MSHD6..JMentg~ Ne;:v A~?20'._)§L_~!.Stinc- llf?_using -----··-----~---~~5,U~~ Cornn1unity !vlgmt. A$~ix;iates : MSHDA {Menloring t:ew Ag,ents 2005/ I Existir,,? Hc"J~n1 • ~- $-4~2~i

_Con1:nll!JJty Rc::£areh Sc!:vicet --~ MSflL!:4.. \NPP). ___ ·---·---- , 0<"1'.~~--·---·-·---·---·--i-.. '£:<7,tJS.2. _

_ i;-:01:s:!.:l1ctio11 \Vatch, ln_:_. ___ ~il!'.',tl Gat~v:ay & ~_<:on. D~:-:- Corp ___ ___L<;_~c-:i !vla.;_~ge:ncJ.!.~----··--~----~! 2.£!:'-! __ j I I :=:Hr.h'J Direct TA-Financial l _

~tcFf<C1~------ j FerrtsDcv~cr1t ---·---·-' Manage~----------.--1._. S'.1,9!.:LJ

Co.r2'.!r1te -f:~-----~··--t Fe.rris Dt:v.ekipmen~---·---··---· C~!?~ F A_S:TS ~--~-·-_,_MS.HD~theas1 l)C!fOtt Str.al!ID'l__ Co~o~Jtt' F.l\.CTI__·---· J_ Fou_ndaf_jon.fcr 1'.-fcntal Health ___ _

Cor orate FACTS 1~ndation for hlC!Jtal I-lea!\_h __ ·---··

32

CHDO Direct T A-Financ1ul f

J\1ana emcn! $~0.' !'7 , Finan::htl f\-1an~~-~-;-·-·---·!----S-~6.9J J ) ---·~-- ~---------. -------

F<nMti?l ,\1anagernenl ------·---! ~~>74.__, S"J ;;;tive 1-Io_i,i~--- i )

Page 35: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

33

Page 36: I, · 2016. 4. 2. · was approx~mately $32,663, and tl'-;e average home sale price was approximately S97,799. Tho FY 2006 goal was 800 unil< and $65,000,000. The Authoriiy achieved

Exhiblt X

REPORT OF THE MICHIGAN BROADBAND DEVELOPMENT AUTHORITY

FY 2006 (07/01105 TO 06/30106)

'fhe MEDA had a $50 rnillion line of credit ""'itl1 MSHDA until Noven1ber 16, 2005 .• !..,, reviseri investment agreement ha.~ been approved by the MSHDA Board of Directors and the tv1BDA Board ofDi;ectors to restructure and \Vrite-offlosses associated wit11 this ~1BDA/1vfSHD1\ line of credit. Prior to this revised agrecme11t, the MBDA dre\V roughly $24 1niUion for loans and operational e-xpenscs. The ne'>\' investment agreement ber,veen the agencies provides $17 r.:1il!ion (for loans only) to the ~1BDA for its in1plemcntation of a nctv lending program targeted at 111r::J underserved markets. Tl1e agreernent restricts draws to this purpose or.ly. -nie agreement provides $995,000 for future MBD,<\ operational expenses and provides approxin1ately $6 r:iiBJon for loan draws related to previously-approved MBD./\ loru1s.

As a result oftl1e ne\v agreement, ~1SHDA will not be seeklng full repayment on its original IYIBDA investment and anticipates \Vri.ting off a loss of approximately $10 million. Ho'>vever, an fees and future borro\vcr [oan payrr1ents of_\1BD_l\-approved loans have been assigned :o \1SHD,I\ illiderthe new investment agreement ?v1SfIDA will be earning 8 percent on roughly SJ 8 n1illion in loans and 4 percen~ on Sl 7 million in loans over :he r1cxt 5 to 7 )'Ca.rs. Given tl1e level of due diligence performed and the st:Curity structures on these loans, we anticipate earning a modest amount of interest incon1e to help off-set the aforementioned loss.

L1 September '05, the :MBDr\ closed a loan to Control Room Technologies (also kno\vn as J\rialink (~ornmunications) as part of its "Digital Divide lnvestn1ent Progran1" (DDn_)). This program con1bincs C'ommunity Development Block Grant (CDBG) dollars \-vith MBDA toans, U1 the- five !o\v-irtcome to\vnships targeted by this progran1, more than 3,300 low/moderate inc-0me households will have access to broadband sen.'ices at less than$ l 9 per month_ 'fhere \vi11 he tlO installation t-l1arge, and tl1e price of $18.99 per month \Vill be otTered for at least tlrrcc years. Otl1er lo\v-income households throughout all of Muskegon Count)' >vill benefit from the s.a1ne pricing structure. Tne MBDA is also pilori:eg this DDlP program in 1v1arque1ie County and the c:ty of Springfield, although the loanJgrant activities in tbese con1r:1unities have lJOt yet closed,

The Michigan Broadband l)evelopn1en[ Aut11ority' {MBD,\) has made loans to broadbai1d providers oftCTing scn.·ice in more than 300 cities to\Vllships and villages across tl1e state, Availability and affordability of services has impro"'cd i?1 each of these comrr::uniries as a result of these pro\'iders expai1ding services \\'ith ~ffil)A loaris. tv1SHD,h,. has helped finance- homes and deYelopn1ents in each of these c-on1munities over the years, but l:as no \Vay to cost-effccti'>'cly quantif_y hov.-' 1nany of !ts develop1nents or lo\:v-income custo1ners hav·e benefited or purchased sen.·ices fron1 j1esc new broadba.'lld providers.

34