MI SB0432

Adds new tax exemption category for workforce housing projects developed or rehabilitated in municipalities with adopted ordinances approving such projects for tax exemption

Defines workforce housing as rental units affordable to households earning no more than 120% of area median income as published by the U.S. Department of Housing and Urban Development

Requires workforce housing projects to pay annual service charges in lieu of taxes, with amounts determined by municipality ordinance but not exceeding actual tax liability

Allows county boards of commissioners to require additional service charge payments for workforce housing projects through resolution passed within 45 days of receiving exemption notice

Limits tax exemption for workforce housing projects to 15 years maximum if property remains subject to covenant restricting use to workforce housing

Took effect immediately upon governor approval on December 13, 2022