Representative Cam Cavitt (R-Cheboygan) announced his plan to continue an affordable housing credit program, which was first passed into law in 2022.
Key Points:
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- Signed into law in 2022, the Residential Housing Facilities Act and the Attaining Housing Facilities Act allow communities to establish districts where developers can construct housing that is eligible for certain tax breaks, provided they meet specific affordability criteria.
- To qualify for the tax credit of up to 50%, developers must construct housing units for residents making under 120% of the area median income.
- The program was initially set to expire at the end of 2027, but the proposal would extend that through the end of 2037.
“These attainable housing districts have been working for Northern Michigan,” said Representative Cavitt. “By drawing these developers in to build affordable and attainable housing, we’re expanding our tax base and creating more opportunities for young people to live closer to where they work. These housing districts are letting young teachers live near their schools, and young hourly employees live close enough to get home in time for dinner.”
