Establishes a community housing stability fund to support housing projects for low-income households.

The bill creates a community housing stability fund within the Michigan housing development authority. The fund will receive fines from business corporations and limited liability companies, as well as other sources. It will be used to develop and coordinate resources for housing needs of low-income, very low-income, and extremely low-income households. The fund must allocate at least 25% for rental housing projects and 30% for housing low-income households. The authority must develop a biennial allocation plan and hold public hearings before doing so.

Establishes a community housing stability fund to support housing projects for low-income households.

The bill creates a community housing stability fund within the Michigan housing development authority. The fund will receive fines from business corporations and limited liability companies, as well as other sources. It will be used to develop and coordinate resources for housing needs of low-income, very low-income, and extremely low-income households. The fund must allocate at least 25% for rental housing projects and 30% for housing low-income households. The authority must develop a biennial allocation plan and hold public hearings before doing so.