Michigan HB6074 prohibits large institutional investors from purchasing single-family homes unless under specific conditions.

Michigan HB6074 establishes a prohibition on large institutional investors purchasing single-family homes, except for those acquired under a build-to-rent program or a renovate-to-rent program. These excepted purchases must be sold or disposed of within seven years. The act defines "large institutional investor" as entities controlling over 100 single-family homes, and "single-family home" as structures with two or fewer residential units. Violations of this act are subject to a civil fine of up to $25,000 per home.

Michigan HB6074 prohibits large institutional investors from purchasing single-family homes unless under specific conditions.

Michigan HB6074 establishes a prohibition on large institutional investors purchasing single-family homes, except for those acquired under a build-to-rent program or a renovate-to-rent program. These excepted purchases must be sold or disposed of within seven years. The act defines "large institutional investor" as entities controlling over 100 single-family homes, and "single-family home" as structures with two or fewer residential units. Violations of this act are subject to a civil fine of up to $25,000 per home.