MI HB5365

Imposes a 4% bulk-buyer transfer surtax on entities acquiring 3+ single-family homes within 30 days or 10+ within 12 months, effective January 1, 2027

Levies a 25% scale-based surtax on large investors (owning 50+ single-family homes) calculated on depreciation and interest expenses claimed on income tax returns

Requires entities receiving state or local housing development benefits to sell at least 30% of entry-level homes to owner-occupants, prohibits bulk sales to corporate landlords, and mandates 5-year anti-flip covenants

Creates MSHDA-approved entity certification program for organizations agreeing to 15-year affordability covenants limiting rent/sale prices to 30-80% of area median family income

Mandates annual reporting to the Department of Treasury for entities owning 10+ single-family homes, including property addresses, beneficial owners, and affiliates, with $5,000/month penalty for non-filing