US State News
May 27, 2010
LANSING, Mich., May 26 -- The Michigan Department of Labor and Economic Growth issued the following news release:
Michigan State Housing Development Authority (MSHDA) Executive Director Keith Molin proudly announced today that members of the Michigan Individual Development Account Partnership (MIDAP) have been awarded $514,822 from the U.S. Department of Health and Human Services Administration for Children and Families. MIDAP is a collaborative managed by the Oakland Livingston Human Service Agency (OLHSA) with major funding support from MSHDA. The grants, awarded annually to organizations nationwide, totaled $1.8 million and MIDAP received five of the nine grants awarded in the most recent round.
"These five awards reflect the hard work and dedication of a partnership that has put in many long hours since 2001 to become one of the most cost-effective and efficient program models in the country," Molin said. "The funds will go right where they are needed the most - to boost low-income families from poverty levels to the achievement of homeownership, education, entrepreneurship, and job training."
All successful grantees must secure an equal match and MSHDA is the major provider of non-federal funds.
Individual Development Accounts (IDAs) are matched savings accounts designed to help low-income households accumulate money for high return investments that include education, job training, homeownership or microenterprise. The purpose of the accounts is to arm poverty-stricken families with the tools and resources necessary to change their attitude towards and relationship with money and the accumulation of wealth.
According to Jodi Mercer, the program and business development manager in MSHDA's Homeownership division, her team provides oversight for the IDA program and contracts out the day-to-day administration to OLHSA.
"We are proud of MIDAP and honored to have them as a partner in their most noble efforts to afford all Michigan residents equal opportunities for success," Mercer said. "That is our mission and MIDAP is helping us achieve it. Already more than 1,500 low-income working Michigan families have completed the IDA program and invested in an asset."
The Michigan State Housing Development Authority is dedicated to building a thriving and vibrant future for Michigan. MSHDA provides tools and resources to improve people's lives through programs across the state. These programs assist with housing, build strong neighborhoods, and help create places where people want to live and work. MSHDA's programs work in four areas: affordable rental housing; supporting homeownership; ending homelessness; and creating vibrant cites and neighborhoods.*
*MSHDA's loan and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs.