Housing

SB 723 modifies Michigan's Brownfield Redevelopment Financing Act to streamline cleanup and development of contaminated or underused industrial sites. It defines "blighted" properties more clearly (e.g., sites with disconnections, fire hazards, or buried debris) and creates a new "transformational brownfield plan" that allows developers to capture tax revenues generated during construction. The bill establishes "construction period tax capture revenues" - taxes collected from wages paid during site improvements - which are calculated using a specific formula and reported to the state treasury. This policy directly affects developers, local governments, and property owners working on eligible brownfield sites, providing a new funding mechanism for redevelopment projects.

SB 423 ends specific programs that helped homeowners pay overdue property taxes and avoid foreclosure. It directly affects property owners with delinquent taxes who previously could use these reduced payment options. The bill modifies existing law by setting expiration dates ("sunsetting") for these programs, meaning they will no longer be available after the specified dates. This change removes temporary relief measures, requiring affected homeowners to pay full delinquent taxes or face standard foreclosure processes.

HB 5152 modifies Michigan's foreclosure process by requiring sellers to provide a specific "notice of rights" when selling a home after a foreclosure notice is filed but before the sale auction. This notice must inform sellers they are waiving three key rights: the right to reclaim the property by paying off the mortgage during the redemption period, the right to remain in the home during that period, and the right to receive any surplus funds if the home sells for more than the mortgage balance. The bill also mandates that if a foreclosure sale is canceled, the canceling party must record this notice with the county register of deeds within 30 days. These changes directly affect homeowners facing foreclosure who sell their property before the auction and buyers purchasing such properties.