Michigan House Bill HB5723

Michigan 2023-2024 Regular Session

• Introduced: 5/14/24
• Refer: 5/14/24

Caption

Economic development: neighborhood enterprise zones; neighborhood enterprise zone eligibility; expand. Amends sec. 4 of 1992 PA 147 (MCL 207.774).

Impact

This bill could have a considerable impact on local laws regarding how neighborhood enterprise zones function in Michigan. By allowing flexibility in the application process and broadening eligibility for certificates, the legislation aims to simplify procedures and encourage more property development in underserved areas. Furthermore, it could potentially increase property values and attract new businesses by fostering a conducive environment for economic activity within established neighborhoods. This could address both housing needs and broader economic goals at the state level.

Summary

House Bill 5723 seeks to amend the Neighborhood Enterprise Zone Act of 1992, specifically targeting section 4. The amendments aim to enhance eligibility criteria for obtaining a neighborhood enterprise zone certificate. The bill is designed to provide support for owners and developers of residential and rehabilitated properties in designated neighborhoods, thus potentially stimulating economic growth and revitalizing communities. The legislation allows subsequent owners of properties to apply for certificates even after a certain time condition, which can benefit areas that have not seen new investment in years.

Contention

While proponents of HB 5723 argue that expanding eligibility is crucial for stimulating investment in neglected communities, there may be contention regarding how these changes could affect local governance. Critics could express concerns that the alterations may undermine local control over neighborhood developments and lead to unintended consequences such as gentrification without adequate safeguards or supports for existing residents. The balance between promoting economic interests and protecting community integrity will likely be a key discussion point as the bill proceeds through the legislative process.