Michigan HB6243 prohibits large institutional investors from purchasing residential properties, with exceptions.

Michigan HB6243 amends the state's property law to prohibit large institutional investors from purchasing residential properties. A large institutional investor is defined as an investment fund, corporation, or other for-profit entity managing $375 million or more. Exceptions include purchases under build-to-rent programs, homeownership programs, and certain other conditions. The bill also outlines specific definitions and conditions for what constitutes a "large institutional investor" and "single-family home.

Michigan HB6243 prohibits large institutional investors from purchasing residential properties, with exceptions.

Michigan HB6243 amends the state's property law to prohibit large institutional investors from purchasing residential properties. A large institutional investor is defined as an investment fund, corporation, or other for-profit entity managing $375 million or more. Exceptions include purchases under build-to-rent programs, homeownership programs, and certain other conditions. The bill also outlines specific definitions and conditions for what constitutes a "large institutional investor" and "single-family home.