MI HB5495

Neighborhood enterprise zone certificates issued before January 1, 2006 remain valid for 6 to 12 years; those issued after December 31, 2005 remain valid for 6 to 15 years from the effective date as determined by the local governing body

Local governments may extend certificates for facilities issued before January 1, 2006 by an additional 3 years if approved by resolution before expiration or after expiration if the certificate expired between January 1, 2004 and January 3, 2006

Certificates remain in effect when homestead facilities, new facilities, or rehabilitated facilities are sold or transferred to a new owner who complies with applicable requirements and uses the property as a principal residence

Certificates for rehabilitated facilities that are part of qualified historic buildings remain valid for 11 to 17 years from the effective date, but are revoked if the facility is not transferred to an owner-occupant principal resident within 12 years

Certificates for rehabilitated facilities sold before December 29, 1994 may be reinstated for the remainder of the original validity period if the new owner complies with the act