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Governor Gretchen Whitmer signed the first public act of the new year Tuesday — a $1.1 billion spending bill that includes money for housing and assistance for businesses that suffered losses due to COVID-19.
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A House committee advances legislation to bring down the cost of new housing. A Senate committee approves a ban on physician non-compete agreements. And a bill to better treat mental health in the criminal justice system takes its first step.
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A bill aimed at making new housing more affordable easily cleared its first legislative hurdle Tuesday.
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The federal government reported that the inflation rate for housing spiked to its highest rate since 1982 from September 2021-22. The U.S. Bureau of Labor Statistics says the inflation rate for the broad category of “shelter” is now 6.6%. Experts say that’s reflected in Michigan's major housing markets.
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Homeowner Assistance Funds were established through the American Rescue Plan Act in 2021 to combat COVID-19-related setbacks. Indiana’s Homeowner Assistance Fund is the state’s fund for Hoosiers. One listener wondered why applications were taking long to process and if others struggled with foreclosures in the process.
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Shawn Faye is the Southern Indiana Realtor Association president-elect. He said higher mortgage rates affect people’s buying power and what they’re able to spend. If you do buy now, Faye recommends staying in the house for at least five years.
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A housing task force this week recommended more than a dozen policies that can help Indiana address its affordable housing crisis.
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“You’re seeing year over year seller gains drop in Lansing(-7.8%), in Kalamazoo (-7.2%)and in Ann Arbor (-6.1%) at rates that are similar to what we’re seeing nationally,” said Rick Sharga, executive vice president of market intelligence at ATTOM.
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Indiana housing advocates are hoping to see permanent federal rental assistance funding put in place to help with the state’s ongoing eviction crisis.
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The co-chair of a new Indiana housing task force says, under current conditions, it would take the state 20 years to meet the housing needs of lower-income Hoosiers.