Definition of financial assistance modified to include certain tax increment financing or allocations of low-income housing credits, and definition of project expanded.
Eligible uses of increment from tax increment financing districts expanded to include transfers to local housing trust funds, and requirements on use of transferred increment imposed.
Further providing for definitions, for powers of authorities, for creation of tax increment districts and approval of project plans and for financing of project costs.
Minnetonka, Richfield, and St. Louis Park; eligible uses of increment from tax increment financing districts expanded to include transfers to local housing trust funds, and use of transferred increment requirements imposed.
Economic development: tax increment financing; definition of other protected obligation; modify and expand. Amends sec. 301 of 2018 PA 57 (MCL 125.4301).
Economic development: tax increment financing; tax increment financing act; amend to include dam repairs and maintenance. Amends sec. 703 of 2018 PA 57 (MCL 125.4703).