1. Policy Matters | Increasing Housing Supply and Realtor®-Supported Legislation Signed into Law
Michigan Realtors® Public Policy Committee continues to focus on increasing housing supply this legislative session. While much of the talk has been focused on updating Michigan’s zoning through the Housing Readiness bills, on Tuesday, Governor Whitmer signed into law two important Realtor®-supported pieces of legislation to help housing inventory issues in Michigan.
The first package of bills creates a new Housing Opportunity Tax Credit. House Bills 5806-5807, and Senate Bill 966, create the new tax credit to operate alongside the current federal credit, aiding in the construction and preservation of affordable housing units. Michigan will join over 30 other states with similar credits, working through the Michigan State Housing Development Authority (MSHDA). The credit will help create or preserve 2,500 units annually by providing needed capital for projects that may otherwise not be able to move forward.
In addition, Michigan Realtors® applauds the reduction of red tape in our state construction code to provide additional multifamily development opportunities through the signing of House Bills 5570-5571. These bills will allow for single staircase construction in 4 story apartment buildings, up from the current three-story limitation. This move modernizes the Single State Construction Code and allows for flexibility in design while still preserving the safety of the tenants. This will help reduce the size of the building envelope and lower construction costs while increasing the number of available units under the current code restrictions.
Michigan Realtors® is proud to work with a wide bi-partisan group of legislators and other stakeholders to make housing inventory a priority in Michigan to help get more people and families into homes. We look forward to continued partnership on remaining legislative priorities for the year.
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