A new program in Michigan, inspired by an Ohio initiative, proposes financial incentives for housing construction or repairs, offering up to $100,000 and $30,000 respectively. Communities must adopt specific zoning reforms to qualify for funding. Lansing's Mayor notes reforms already in progress. The program includes MI Home Readiness, MI Home Grant, MI Home Fund, and MI Home Employer, with funding aimed at boosting housing production and assisting low-to-moderate income residents. Developers anticipate increased construction if the proposal is passed, citing a commitment to rising output and production.
The program would provide up to $100,000 for new housing construction or up to $30,000 for repairs covering as much as 30% of costs.
Communities could qualify for funding by adopting half of a list of recommended reforms, including changes to parking requirements and allowing accessory dwelling units.
The package includes several programs: MI Home Readiness: $5 million a year to incentivize zoning changes. MI Home Grant: $95 million in the first two years, rising to $145 million in later years, to close funding gaps in housing projects.
Funding would apply to homes rented or sold to residents earning no more than 120% of area median income, with affordability requirements lasting at least 10 years.
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