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Council backs adding Residential Housing Facilities Act exemption to target smaller affordable rentals
Summary
Holland City Council voted to amend its housing development support policy to offer a tax exemption under Public Act 237 (2022) — a 50% ad valorem break for up to 12 years aimed at rental properties of more than four and up to 10 units that rent to income‑qualified households and (for rehab) require at least $50,000 in owner investment.
Holland City Council on Aug. 6 approved an amendment to the city’s housing development support policy to add a residential‑housing tax exemption allowed under Public Act 237 of 2022, a tool staff said is intended to encourage new and rehabilitated rental housing targeted to income‑qualified households.
Staff explained the exemption would provide a 50% ad valorem tax break for eligible properties for up to 12 years. Eligible buildings would be more than four units and — under the staff recommendation that council…
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