MI HB5926

Establishes the Michigan Community Revitalization Program to provide loans, grants, and other economic assistance for eligible investments on eligible property throughout the state.

Defines eligible property to include brownfield facilities, historic resources, blighted property, functionally obsolete property, and adjacent parcels that increase taxable value of those properties.

Limits community revitalization incentives to 25% of eligible investment up to $10,000,000, with individual loans capped at $10,000,000 and grants capped at $1,000,000 per project.

Requires the fund to approve or deny applications within 90 days and approve at least 5 projects of $1,000,000 or less per fiscal year, with loan repayment proceeds returned to the investment fund for future revitalization incentives.

Mandates the fund post project approvals on its website quarterly and provide monthly board meeting materials to legislative committees, while reporting annually to the legislature on program results including private investment attracted, square footage revitalized, and taxpayer return on investment.