Introduced by Sen. Wayne Schmidt R-Traverse City on May 11, 2021
To give local governments the authority to grant 15-year property tax exemptions to developers of certain new or rehabbed rental housing projects (dubbed “workforce housing”), which the owners could rent to households whose income is "not greater than the area median income." Rather than property taxes, owners would pay local "service fees" at a rate not exceeding 10% of the owner's "shelter rents," or the tax rate in effect before the rehab project. See also Senate Bills 362, 364 and 422. Official Text and Analysis.
Referred to the Senate Economic and Small Business Development Committee on May 11, 2021
Reported in the Senate on June 15, 2021
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.