Housing

HB 6243 amends Michigan law to prohibit large institutional investors from purchasing single-family homes, with the restriction applying to entities that control more than 100 such properties and manage at least $375 million in assets. The bill defines specific exceptions that allow these investors to continue buying homes through build-to-rent programs, renovate-to-rent initiatives that meet structural standards, and homeownership assistance schemes that offer financial support or credit reporting benefits to renters. Additionally, the legislation permits acquisitions resulting from foreclosure or loss mitigation efforts, provided the properties are sold within a commercially reasonable timeframe, and allows for the transfer of homes already owned by these investors prior to the law's effective date.

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.

This bill amends the State Housing Development Authority Act to expand the powers of Michigan's State Housing Development Authority. The key changes allow the authority to charge fees for its loans and publications, save usable housing from demolition by funding rehabilitation costs, and make mortgage loans to subsequent property buyers even if they do not meet standard income limits. These provisions directly affect the authority's operations and the people seeking affordable housing assistance in the state.

HB 4543 changes how Michigan's home heating credit is adjusted annually. It replaces the use of the national U.S. Consumer Price Index (CPI) with the Detroit Consumer Price Index to calculate annual credit adjustments. This means the credit amount for eligible households will now reflect local cost-of-living changes in Detroit instead of national averages. The bill directly affects low-to-moderate income Michigan residents who claim the home heating credit on their state tax returns.

HB 4081 allows counties and municipalities in Michigan to set higher limits than the current state cap on the number of separate land parcels created when dividing a single property. It amends state law (MCL 560.108) that previously limited most land divisions to 12 parcels. The bill directly affects local governments, developers, and property owners by giving communities more flexibility to manage land use and development density. This change removes the state-imposed cap, enabling local authorities to establish their own parcel limits based on community needs.