An act to amend 1966 PA 346, entitled “An act to create a state housing development authority; to define the powers and duties of the authority; to establish a housing development revolving fund; to establish a land acquisition and development fund; to establish a rehabilitation fund; to establish a conversion condominium fund; to create certain other funds and provide for the expenditure of certain funds; to authorize the making and purchase of loans, deferred payment loans, and grants to qualified developers, sponsors, individuals, mortgage lenders, and municipalities; to establish and provide acceleration and foreclosure procedures; to provide tax exemption; to authorize payments instead of taxes by nonprofit housing corporations, consumer housing cooperatives, limited dividend housing corporations, mobile home park corporations, and mobile home park associations; and to prescribe criminal penalties for violations of this act,” by amending section 22 (MCL 125.1422), as amended by 2012 PA 327, and by adding section 22e.
Senate Bills 966, 967 and 968 establish a Michigan state low-income housing tax credit program to incentivize affordable housing development, with an annual $250 million cap on credits, impacting state revenues and aligning with efforts to increase affordable housing supply.
Introduced
by
Referred to the Committee on Housing and Human Services
Reported without amendment
Referred to the Committee of the Whole
Reported with substitute S-1
Substitute S-1 concurred in by voice vote
Passed in the Senate 23 to 13 (details)
Referred to the Committee on Regulatory Reform
Discharged from committee
Substitute H-1 offered
by
The substitute passed by voice vote
Passed in the House 95 to 13 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Substitute H-1 concurred in 22 to 14 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
