Michigan Governor Rick Snyder signed a package of legislation Wednesday designed to provide the state with more flexibility in providing emergency loans to local units of government, such as cities and schools. House Bills 5566, 5567, 5568, 5569 and 5570 (now Public Acts 284 – 288, respectively) provide the state the ability to authorize $85 million in emergency loans over the next seven years. The package also allows a local unit under the control of an emergency manager to be eligible for the emergency loans. The Governor also signed House Bill 5015 (now Public Act 296) which provides a spending plan for Michigan’s portion of the $25 billion payday received when 48 state attorneys general settled with five national mortgage companies. The spending plan provides for the distribution of the funds to victims of wrongful foreclosure, blight elimination, and legal assistance to those facing foreclosure.