The No Federal Taxpayer-Funded Housing for Illegal Aliens Act of 2026 prohibits the use of federal funds to provide housing assistance to individuals who are unlawfully present in the United States. The bill defines covered housing assistance broadly to include rental help, vouchers, mortgage support, utility bills, hotel stays, and various stabilization services aimed at securing or maintaining a home. Federal agency heads must enforce this ban by requiring fund recipients to certify compliance, monitoring their activities, and imposing civil penalties or periods of ineligibility for any violations. The prohibition does not apply to funds used specifically for enforcing immigration or criminal laws.
HB 6243 amends Michigan law to prohibit large institutional investors from purchasing single-family homes, with the restriction applying to entities that control more than 100 such properties and manage at least $375 million in assets. The bill defines specific exceptions that allow these investors to continue buying homes through build-to-rent programs, renovate-to-rent initiatives that meet structural standards, and homeownership assistance schemes that offer financial support or credit reporting benefits to renters. Additionally, the legislation permits acquisitions resulting from foreclosure or loss mitigation efforts, provided the properties are sold within a commercially reasonable timeframe, and allows for the transfer of homes already owned by these investors prior to the law's effective date.
The First Time Homebuyer Debt Reduction Act directs the Federal Housing Finance Agency to require Fannie Mae and Freddie Mac to treat student loan payments made by third parties toward first-time buyers as financial concessions rather than sales incentives. This classification applies specifically to payments for newly constructed principal residences, allowing these contributions to be counted toward a buyer's down payment or closing costs without triggering penalties associated with seller financing. However, the bill limits this benefit by stipulating that any portion of the student loan payment exceeding $25,000 will still be classified as a sales concession.
The MOVE Act directs the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to start buying and bundling specific conventional mortgages within 180 days of the law's enactment. These mortgages must allow homeowners to transfer their loan's interest rate, terms, and balance to a new property within 90 days of selling their current home. By purchasing these loans, the bill aims to create a market for portable mortgages that facilitate easier home sales by preventing rate locks from hindering transactions. The legislation defines eligible loans based on existing standards set by the two government-sponsored enterprises.
The House Our Heroes Act expands support for veterans struggling with guaranteed housing loans by allowing the Department of Veterans Affairs to offer educational courses on credit improvement, financial management, and loss mitigation options. Additionally, the bill permits the agency to make partial claims and modify loan terms, such as interest rates and payment schedules, for specific loans that go into default between May 1, 2025, and November 28, 2026. These measures aim to provide more flexible assistance tools to help veterans avoid foreclosure or manage their debts without strictly following previous mandatory procedures.
This bill amends Michigan zoning laws to allow cities to deny zoning permits to individuals who owe fines or court costs from administrative hearings. However, it creates an exemption for specific entities, including government housing agencies, financial institutions, and licensed mortgage servicers, preventing these groups from being blocked due to such delinquencies. The legislation also ensures that a permit cannot be denied if the applicant is trying to fix the specific blight issue that originally caused the unpaid fine. This change aims to prevent financial penalties from hindering the ability of regulated lenders and housing authorities to process necessary zoning requests.
HB 6177 establishes the Residential Mortgage Licensing and Supervision Act to create a comprehensive regulatory framework for mortgage brokers, lenders, servicers, and loan originators in Michigan. The bill mandates that these entities and their key personnel obtain state licenses while prohibiting specific unethical conduct related to residential loans. It empowers the Department of Insurance and Financial Services to enforce rules, impose penalties, and appoint conservators when necessary, and it creates a new advisory board to oversee the industry. Additionally, the legislation defines various roles and exemptions to clarify who must be licensed versus who is exempt from these requirements.
HB 6192 amends Michigan's Debt Management Act to strengthen the state director's authority to investigate and punish mortgage brokers and lenders who engage in fraud. The bill allows the director to issue immediate suspensions or permanent prohibitions against individuals found guilty of fraud, dishonesty, or felony convictions involving financial misconduct. It establishes a formal process where accused individuals receive written notice, have the right to a hearing within 60 days, and can apply to have an order lifted after five years. Additionally, the law clarifies that violating a final prohibition order is a misdemeanor punishable by up to one year in jail or a fine of $5,000. This legislation is tied to another bill, HB 6177, and will only become effective if that companion bill is also passed.
This bill allows cities in Michigan to deny building permits, certificates of use and occupancy, or variances to individuals who owe unpaid fines or assessments related to local construction code enforcement. However, the law explicitly exempts certain entities from these penalties, including government-sponsored housing groups, financial institutions, credit union service organizations, and licensed mortgage servicers. Additionally, the bill ensures that permits cannot be denied if the proposed construction work is intended to fix the specific code violation that caused the original fine. The legislation will only take effect if a companion bill, HB 6177, is also passed into law.
HB 6186 amends Michigan's existing mortgage interest laws to clarify and update rules regarding rates and fees for residential loans. The bill primarily affects lenders, mortgage brokers, and borrowers by reinforcing restrictions on prepayment penalties, limiting upfront fees, and capping interest rates at 11% per annum for certain types of loans, such as those made by unqualified lenders or second mortgages. It also ensures that interest is calculated only on unpaid balances and prohibits interest from being added or deducted in advance. By updating the 1966 statute, the legislation aims to maintain consumer protections while aligning the law with current lending practices.
