LANSING, Mich. — Sen. Roger Victory on Wednesday introduced legislation to support efforts by nonprofit organizations to make homeownership attainable for individuals and families.
“In honor of Homeownership Month, I am sponsoring legislation to address Michigan’s housing crisis. In my district alone, we face a shortage of over 5,000 for-sale housing units for individuals earning between 80% to 120% of the area median income,” said Victory, R-Hudsonville. “These individuals include teachers, nurses, first responders and many others who are unable to plant roots in Michigan due to high housing costs.
“Michigan’s population is declining. Making homeownership more attainable can reverse that trend. This bill would allow us to compete with our counterparts across the Midwest, make homeownership more attainable for young professionals in our state and retain our homegrown talent.”
Currently, nonprofits that build low-income housing receive a property tax exemption for the lesser of five years or until transfer of ownership. Senate Bill 442 would allow nonprofits that build housing developments serving the missing middle to receive the same exemption. The property tax burden remains a significant barrier for nonprofits actively working to provide these housing options.
“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,” 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.”
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