Senator Roger Victory (R-Hudsonville) introduced a bill seeking to support efforts by nonprofit organizations to make homeownership attainable for individuals and families. The housing crisis throughout the state continues to grow, driven by a lack of inventory and high interest rates.
Key Points:
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- Currently, nonprofits that build low-income housing receive a property tax exemption for the lesser of five years or until transfer of ownership.
- SB 442 would allow nonprofits that build housing developments serving the missing middle to receive the same exemption.
“I strongly believe that we must bridge the gap between low-income housing and market-rate developments by providing attainable homes for working-class individuals, young professionals and families,” Senator Victory said. “Extending property tax exemptions to include these nonprofits will accelerate the development of attainable housing and create more sustainable communities across our state.”
Next Steps:
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- The bill was referred to the Senate Housing and Human Services Committee for consideration.
