Yesterday, the Michigan Senate passed the package of blight bills (SB 1096-1100) that would give communities additional tools to address blight.
The bills now go to the House for consideration.An amendment was added on the Senate floor to SB 1096 that we are still assessing. It says that a bank/credit union/lending institution/etc. that owns a foreclosed property is not subject to the fines and reprimand other individuals or businesses would be subject to in the same situation so long as they are adhering to the property preservation guidelines of Fannie Mae, Freddie Mac or specific US Governmental entity.
It also states that a credit union is not subject to these same fines and reprimand as long as it provides the mayor of the city with an address and list of the credit union’s foreclosed properties at least once every six months. We would appreciate any feedback that you can provide on this new addition to the legislation, and comments can be sent to [email protected].
Nikki Brown is the Capital Office Coordinator for the Michigan Municipal League. She can be reached at [email protected] or 517-908-0305.