The Senate Housing and Human Services Committee reported legislation creating a Michigan Housing Opportunity Credit, aiming to increase the supply of guaranteed affordable housing in Michigan. Currently, Michigan has 200,000 low-income households unable to find affordable housing.
Key Points:
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- Senate Bills 966 – 968 were introduced by Senator Jeff Irwin (D-Ann Arbor).
- The new credit would pair with the federal Low Income Housing Tax Credit (LIHTC), which is the main financing tool for developing affordable housing projects.
- The additional financing would cover funding gaps, enabling developers to make use of federal dollars to invest in the building of over 2,5000 new homes every year.
- By enacting this credit, Michigan would join a majority of states that offer a state-level supplement to the federal LIHTC.
- The bills were referred to the Senate Committee of the Whole for consideration.
“Housing costs are crippling family budgets and making it harder for young people to find a future in our state,” said Senator Irwin, Chair of the Senate Housing and Human Services Committee. “This legislation will mean more housing, leading to more options and affordability.”
