Property Improvement Program (PIP)
The Federal Dept. of Housing and Urban Development (HUD) and the Michigan State Housing Development Authority (MSHDA) make it easier for consumers to obtain affordable home improvement loans by insuring loans made by private lenders to improve properties that meet certain requirements. The PIP program insures loans to finance light or moderate property improvements that protect or improve the basic livability or utility of the property. The program may be used to insure such loans for up to 20 years, with a maximum loan amount of $25,000 for improving a single-family home. The Hometownhousing Partnership serves as an agent to initiate and process MSHDA’s low-interest loans for owner-occupied homes in Ingham County. Home improvement loans may be available for single-family homeowners with annual household incomes up to $74,750, or for landlords on rental units that comply with MSHDA (Michigan State Housing Development Authority) rent limits. A credit score of at least 620 is required.