MI HB4827

Establishes the Residential Housing Facilities Act, allowing cities, villages, and townships to create residential housing districts of at least 1 acre to promote affordable housing development.

Exempts new and rehabilitated residential facilities from ad valorem property taxes for 1-12 years if owner's yearly income is 120% or less of area median income and a certificate is issued by the state tax commission.

Levies a specific tax on certified qualified residential facilities equal to one-half of all ad valorem mill rates in the locality, with proceeds distributed to state school aid fund and taxing units proportionally.

Requires local governmental units to hold public hearings before establishing districts and approving certificate applications, with county authority to reject district establishment within 28 days.

Requires annual reporting to the state tax commission on exemption status and values, with a statewide economic analysis of costs and benefits to be submitted to legislature after 3 years of implementation.