MI SB0567

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

Defines eligible property as facilities, historic resources, blighted property, functionally obsolete property, or adjacent/contiguous parcels that increase taxable value of qualifying properties.

Limits community revitalization incentives to 25% of a project's 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 Michigan Strategic Fund board to approve or deny applications within 90 days and establish written agreements with applicants detailing conditions, compliance timelines, and repayment obligations.

Restricts administration costs to no more than 4% of annual appropriations from the 21st Century Jobs Trust Fund, with an additional 1% available only with a two-thirds board vote.