MI SB0568

Establishes procedures for applicants to request disbursement of approved community revitalization grants and loans from the Michigan Strategic Fund, with decisions required within 90 days of application.

Requires compliance verification with written agreements and federal Secretary of Interior standards for historic building rehabilitation (36 CFR 67) before grant or loan proceeds are issued.

Allows applicants to assign community revitalization grants or loans to third parties by submitting written notice to the fund.

Mandates the fund establish repayment criteria for community revitalization loans, with repayment proceeds directed to the investment fund for future community revitalization incentives.

Requires annual reporting to the legislature beginning November 1, 2012, detailing private investment attracted, projects approved, square footage revitalized, residential units added, and taxpayer return on investment; also mandates quarterly website posting of approved recipients and monthly provision of board meeting information to specified legislative committee leaders.