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July 25, 2023

Whitmer approves tax break to increase supply of affordable housing

The brownfield program in Michigan provides reimbursements for costs associated with redeveloping contaminated, blighted or historic properties through tax increment financing (TIF) which works by capturing an increase in taxes stemming from the redevelopment. In other words, a development that generates new tax revenue due to an increase in the property tax value sees those dollars returned to the developer.

Read more at Detroit Free Press

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