Establishes the state low-income housing tax credit program.
The bill establishes the state low-income housing tax credit program, allowing the Michigan Housing Development Authority to reserve a state tax credit for project owners of qualified low-income buildings. The authority can make loans, grants, and investments to support housing projects, and it must set standards for these projects. The bill also outlines the authority's powers, including suing and being sued, making contracts, and accepting gifts or grants.
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