Michigan Tackles Housing Crisis with Private Lender Partnership

LANSING, MI – April 21, 2026 – By Stephanie Lewis

In a significant move to address Michigan’s deepening housing crisis, Governor Gretchen Whitmer recently met with leadership from AD Mortgage, a major national wholesale lender. The high-level discussion, attended by AD Mortgage CEO Max Slyusarchuk and SVP Corey Chubner, signals a potential new front in the state's battle for affordable homeownership: a strategic partnership between public policymakers and private financial institutions.

The meeting focused on developing collaborative solutions to the state's dual challenges of a constrained housing supply and dwindling affordability, exploring policies that could expand access to responsible mortgage credit for thousands of Michiganders.

A Crisis Demanding New Solutions

The dialogue comes at a critical time for the state. Michigan is grappling with a severe housing deficit, estimated at approximately 119,000 units in 2025. This shortage has created a hyper-competitive market, with a statewide vacancy rate of just 1.8% in 2024—far below the 5% considered healthy. The imbalance is stark: for every 1,000 new jobs created between 2015 and 2024, the state permitted only 525 new homes, roughly half the national average.

This supply crunch has sent costs soaring and put immense pressure on residents. In 2022, a staggering 51% of Michigan renters were classified as "housing-cost burdened," spending over 30% of their income on housing. The problem extends to homeowners as well, with 24% of those with a mortgage facing similar financial strain. With the median home price climbing to over $270,000 this year—a 4.2% increase from the previous year—the dream of homeownership is slipping further out of reach for many.

The state's aging housing stock, with over 60% of units built before 1980, adds another layer of complexity, often requiring costly repairs and posing potential health risks.

The Governor's Multi-Billion Dollar Push

Governor Whitmer's administration has not been idle. Recognizing the scale of the problem, she has championed an aggressive housing agenda, initially aiming to build or rehabilitate 75,000 housing units over five years. After surpassing that goal ahead of schedule, the target was ambitiously raised to 115,000 units by 2027. This effort is backed by substantial state investment, which nearly doubled from $1.23 billion in 2023 to $2.16 billion in 2024 for producing and preserving affordable homes.

Programs managed by the Michigan State Housing Development Authority (MSHDA) have been central to this strategy. Initiatives like the MSHDA Rate Relief Program, which offered to buy down mortgage interest rates, and a First-Generation Down Payment Assistance Program, providing up to $25,000 for qualifying buyers, have been wildly popular. However, their funds were exhausted almost immediately, highlighting the immense, unmet demand for financial assistance.

Facing these realities, the Governor has intensified her calls for new tools, including a state-level affordable housing tax credit—a policy already adopted by every other state in the region—and significant zoning reforms to cut red tape and lower construction costs. The meeting with AD Mortgage appears to be part of a broader strategy to bring more resources and innovative models to the table.

A New Player Enters the Policy Arena

AD Mortgage represents a different kind of partner than a traditional retail bank. As a wholesale lender, the company works through a network of independent mortgage brokers, a model that often results in lower overhead and more competitive interest rates for consumers. Studies have shown that borrowers using brokers can save thousands over the life of their loan.

More importantly, wholesale lenders and companies like AD Mortgage often provide a wider array of loan products, including those designed for borrowers who may not fit the rigid criteria of conventional lending. The company’s offerings include programs for prime borrowers, foreign nationals, and individuals with imperfect credit histories. It also provides loans for investment properties that do not require traditional income verification, a niche that can help small-scale developers add to the housing stock.

This flexibility could be key to unlocking homeownership for a broader segment of Michigan's population. By expanding access to credit for qualified but non-traditional borrowers, such lenders can help bridge the gap left by conventional financing, a priority AD Mortgage emphasized in its discussions with the governor’s office.

Forging a Path for Michigan Homebuyers

The collaboration between the Whitmer administration and a private lender like AD Mortgage could create a powerful synergy. While the state works on macro-level issues like zoning, tax incentives, and funding for housing development, AD Mortgage can provide the on-the-ground financial products that make home purchases possible for more families.

“We appreciated the opportunity to meet with Governor Whitmer and her team to discuss the evolving housing landscape in Michigan,” said Corey Chubner, SVP of Government Affairs & Investor Relationships at AD Mortgage. “As a national mortgage lender with a growing footprint in the state, we are committed to being a constructive partner in advancing solutions that support sustainable homeownership and long-term economic development.”

This engagement is more than just a courtesy call; it reflects the company’s stated commitment to investing in Michigan through expanded operations and workforce growth. For prospective homebuyers, this could translate into more competitive mortgage options and greater access to brokers who can navigate complex financial situations. This approach aligns with a growing recognition nationwide that public-sector goals require private-sector innovation and capital to succeed.

As Michigan continues its search for practical, market-driven housing solutions, the ongoing dialogue between state leaders and industry players like AD Mortgage will be a crucial storyline to watch. The outcome of these talks could help determine whether the state can stabilize its volatile housing market and make sustainable homeownership an attainable reality for all its residents.