MI HB5567

Amends the definition of "homestead facility" to include existing structures with 1-2 residential units purchased after December 31, 1996, where one unit is owner-occupied as a principal residence, located in subdivisions platted before January 1, 1968.

Expands homestead facility eligibility to include structures in subdivisions platted after January 1, 1999, located in counties with population between 400,000-500,000 and cities with population between 100,000-125,000.

Defines "new facility" to include new structures or condominium units for owner-occupied residential housing, and apartments in mixed-use buildings with retail space located in qualified downtown revitalization districts.

Establishes "rehabilitated facility" requirements for existing structures with true cash value of $80,000 or less per unit requiring improvements exceeding $5,000-$7,500 per unit or 50% of true cash value, whichever is less.

Effective March 8, 2010, and applies to neighborhood enterprise zone certificate applications under the 1992 Michigan economic development act.