HB 6243 amends Michigan law to prohibit large institutional investors from purchasing single-family homes, with the restriction applying to entities that control more than 100 such properties and manage at least $375 million in assets. The bill defines specific exceptions that allow these investors to continue buying homes through build-to-rent programs, renovate-to-rent initiatives that meet structural standards, and homeownership assistance schemes that offer financial support or credit reporting benefits to renters. Additionally, the legislation permits acquisitions resulting from foreclosure or loss mitigation efforts, provided the properties are sold within a commercially reasonable timeframe, and allows for the transfer of homes already owned by these investors prior to the law's effective date.
SB 22 requires Michigan landlords to return security deposit refunds via electronic transfer (such as direct deposit or mobile payment) instead of checks when deducting for damages. Landlords must send the refund electronically within 10 days after mailing a damage notice to the tenant, which must include a 7-day response deadline. This affects all landlords and tenants in Michigan rental agreements involving security deposits. The law maintains existing requirements for 30-day damage notices and itemized claims but changes how refunds are delivered.
SB 373 prohibits landlords from charging tenants extra fees for using specific payment methods (like credit cards or checks) in rental agreements. It requires leases to include at least one payment option without additional charges. The bill directly affects tenants by preventing unfair fees and landlords by restricting lease terms. Key provisions ban clauses that waive tenant rights related to security deposits, habitability, or discrimination, and require written notice for certain rent increases. This amendment to Michigan's Truth in Renting Act (MCL 554.633) focuses on making rental agreements fairer through concrete, enforceable limits on fees and unfair terms.
This bill prohibits large institutional investors from buying single-family homes in Michigan to prevent corporate ownership of residential properties. It defines these investors as for-profit entities managing or owning over 100 homes statewide with at least $375 million in assets, while allowing exceptions for new construction projects or those that renovate homes with significant improvements. The law applies to various acquisition methods, including mergers and foreclosures, and sets a civil penalty of up to $25,000 per home for any violations.
HB 5570 would allow single exit stairways in small multi-family buildings (up to 4 floors above ground or 3 floors with an occupiable roof) under strict safety conditions. It applies to buildings with no more than 4 units per floor and 4,000 square feet per floor. Required safety features include fire alarms, smoke detectors in common areas (like hallways and laundry rooms), and sprinklers meeting NFPA standards. This change would affect housing developers building qualifying new or renovated apartment buildings.
HB 5571 allows single interior exit stairways in multi-family apartment buildings with 4-6 levels (or 3-5 levels with an occupiable roof), directly affecting developers and builders of such structures. The bill requires buildings to have no more than 4 units per level, limit floor area to 4,000 sq ft per level, and ensure exit access travel is ≤125 feet from any point. Key safety provisions include mandatory smoke detectors in common areas (like hallways and laundry rooms), manual fire alarms, automatic smoke detection systems, and sprinklers meeting NFPA standards. It also mandates that the building’s fire department must be accredited by the Commission on Fire Accreditation International and hold a Class 1-2 public protection rating. The bill is contingent on HB 5570 passing into law.
HB 4080 reinstates a program deferring property tax special assessments for eligible Michigan homestead owners. It applies to assessments due before October 1, 2020, or on/before October 1, 2022, for primary residences owned by qualifying individuals (including those who are totally and permanently disabled). The bill allows owners to defer payments until death, sale, or transfer of the property, with up to four annual partial payments (minimum $500 or 5% of the balance) and interest accruing on unpaid amounts. Full payment becomes due upon sale, transfer, or death, and the bill requires the state to notify owners of these terms. This amendment to Michigan’s 1976 property tax law (MCL 211.761-762) is contingent on HB 4079 passing.
HB 4079 adjusts the income limit for homeowners aged 65 or older, or those totally and permanently disabled, who qualify for a property tax deferment on special assessments. Currently set at $34,900 as of October 2022, the bill replaces this fixed amount with an annual adjustment based on the Detroit-area Consumer Price Index (CPI), meaning the limit will rise or fall each year with local inflation. The state treasurer will calculate the new limit annually using the prior year's CPI data, rounding to the nearest dollar. This change directly affects eligible homeowners seeking to defer special assessments on their primary residences without immediate payment.
HB 4543 changes how Michigan's home heating credit is adjusted annually. It replaces the use of the national U.S. Consumer Price Index (CPI) with the Detroit Consumer Price Index to calculate annual credit adjustments. This means the credit amount for eligible households will now reflect local cost-of-living changes in Detroit instead of national averages. The bill directly affects low-to-moderate income Michigan residents who claim the home heating credit on their state tax returns.
HB 4341 amends the State Housing Development Authority Act of 1966. It adds a new section that restricts eligibility for services, grants, or participation in programs under the act. Unless otherwise provided by federal law, individuals must be either a United States citizen or a "qualified alien" to receive these benefits. The bill defines "qualified alien" by referencing an existing federal statute (8 USC 1641).
