Traverse City Record-Eagle

Business

February 25, 2014

Grand Rapids officials discuss mortgage program details

GRAND RAPIDS (AP) — A state housing official and elected leaders in Grand Rapids discussed details of a mortgage program designed to help increase home sales.

WOOD-TV reports Michigan State Housing Development Authority Executive Director Scott Woosley met Monday with Mayor George Heartwell and legislators.

Repeat buyers, singles, couples and families could receive up to $7,500 in down payment assistance under the MI Next Home program. Assistance is based on income limits that generally range from $70,000 or more for a household of one or two people to just under $100,000 for households of three or more.

The authority provides financial and technical assistance through partnerships to create and preserve affordable housing. It estimates that about one million Michigan residents could qualify for the down payment help.

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