A bill to address the economic and other impacts of the acquisition and ownership of single-family residential dwellings by certain persons on this state and political subdivisions of this state; to impose certain surtaxes on certain acquisitions, sales, and holdings of single-family residential dwellings; to provide for the levy, collection, and administration of the surtaxes; to provide for certain exemptions and refunds; to provide for the disposition of the proceeds of the surtaxes; to impose certain requirements on persons that receive state and local benefits in connection with certain projects involving 1 or more single-family residential dwellings; to provide for certification of certain entities that agree to affordability covenants; to impose certain reporting requirements; to provide for the powers and duties of certain state and local governmental officers and entities; to provide for certain remedies, sanctions, and penalties; and to allow for the promulgation of rules.
House Bills 5365 and 5367 together impose new surtaxes and disclosure requirements on large-scale and institutional investors in Michigan single-family homes by regulating investor activity, mandating fair market value reporting, and tying real-estate transfers to tax compliance, with exemptions for mission-driven affordable housing entities, all aimed at promoting housing affordability, homeownership, and community stability.
Co-sponsored by Reps.
Referred to the Committee on Government Operations
