Housing: housing development authority; eligibility for credits under the community development tax credit program; coordinate with Michigan strategic fund. Amends sec. 22 of 1966 PA 346 (MCL 125.1422) & adds sec. 22e. TIE BAR WITH: SB 0925'26
Impact
The impact of SB0923 on state laws is profound as it not only amends existing provisions regarding the Housing Development Authority but also introduces new eligibility criteria for tax credits. This modification could incentivize developers and investors to participate in community-driven housing projects, leading to improved living conditions and economic upliftment in various regions. Moreover, by aligning the Housing Development Authority's goals with the Michigan Strategic Fund, the bill aims to create a more cohesive and efficient system for addressing housing challenges across the state.
Summary
SB0923, a significant piece of legislation, aims to enhance the capabilities of the Housing Development Authority by amending existing statutes and expanding eligibility for credits under the Community Development Tax Credit Program. The bill seeks to streamline the coordination between the Housing Development Authority and the Michigan Strategic Fund, thereby fostering a more collaborative approach towards housing development initiatives. The introduction of this bill signifies a strategic move to boost housing infrastructure and promote economic growth through targeted tax incentives.
Contention
While the bill is primarily viewed as a progressive step towards better housing policies, it has initiated discussions among various stakeholders regarding the potential implications of increased state involvement in local housing matters. Critics express concerns that while the intention is to foster development, it could inadvertently undermine local agencies' autonomy to address unique community needs. This tension between state and local governance continues to be a notable point of contention in discussions surrounding SB0923.
Same As
Economic development: Michigan strategic fund; community development tax credit program; establish and administer. Amends secs. 7 & 9 of 1984 PA 270 (MCL 125.2007 & 125.2009). TIE BAR WITH: SB 0923'26
Housing: housing development authority; eligibility for credits under the community development tax credit program; coordinate with Michigan strategic fund. Amends sec. 22 of 1966 PA 346 (MCL 125.1422) & adds sec. 22e. TIE BAR WITH: HB 5798'26, HB 5799'26
Housing: housing development authority; housing opportunity tax credit program; establish and administer. Amends sec. 22 of 1966 PA 346 (MCL 125.1422) & adds sec. 22e. TIE BAR WITH: HB 5806'26, HB 5807'26
Housing: other; housing and community development fund; modify. Amends secs. 58 & 58b of 1966 PA 346 (MCL 125.1458 & 125.1458b). TIE BAR WITH: HB 4540'25
Economic development: Michigan strategic fund; community development tax credit program; establish and administer. Amends secs. 7 & 9 of 1984 PA 270 (MCL 125.2007 & 125.2009). TIE BAR WITH: SB 0923'26
Economic development: Michigan strategic fund; community development tax credit program; establish and administer. Amends secs. 7 & 9 of 1984 PA 270 (MCL 125.2007 & 125.2009). TIE BAR WITH: HB 5798'26, HB 5809'26
Housing: other; MSHDA administration and operation of the MI home program act and programs and funds under that act; allow for. Amends sec. 22 of 1966 PA 346 (MCL 125.1422). TIE BAR WITH: HB 5660'26
Economic development: other; Michigan broadband development authority act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 3 of 2002 PA 49 (MCL 484.3203) & repeals sec. 6 of 2002 PA 49 (MCL 484.3206). TIE BAR WITH: SB 0631'25
Economic development: other; Michigan zoning enabling act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 406 of 2006 PA 110 (MCL 125.3406). TIE BAR WITH: SB 0631'25
Property: recording; marketable record title act; revise. Amends title & secs. 1, 1a, 2, 3, 4, 5, 6 & 8 of 1945 PA 200 (MCL 565.101 et seq.) & adds sec. 5a.