READ Supports Bipartisan CRTC Legislation
READ Supports Bipartisan CRTC Legislation
Detroit, Mich. — May 11, 2026 — The Real Estate Association of Developers (READ), in collaboration with partners across Michigan, is leading support for bipartisan legislation that would establish a Community Redevelopment Tax Credit (CRTC) to help redevelop vacant, blighted, and historic buildings across the state.
The CRTC would provide up to $200 million annually in tax credits to support redevelopment projects across the state, with credits awarded only after construction is complete to ensure accountability. The legislation prioritizes projects that deliver strong community benefits, including housing, and provides enhanced incentives for projects located in historic buildings, rural communities, and low- and moderate-income areas. At least 20 percent of the annual credits would be reserved for small or rural projects.
The proposed legislation—Senate Bills 923, 924, and 925, and House Bills 5798, 5799, and 5809—would create a new tool to attract private investment and support redevelopment projects in downtowns, neighborhoods, and commercial corridors throughout the state.
This legislation comes at a critical moment, as key redevelopment funding sources are expiring and demand for existing programs continues to exceed available resources.
“Access to capital remains one of the biggest barriers to redevelopment in communities across Michigan, whether in urban neighborhoods or rural towns. The Community Redevelopment Tax Credit helps close those gaps and creates more opportunity for developers to move projects forward in the places that need it most,” said Rod Hardamon, Co-founder of URGE Development Group and Board Member of the Real Estate Association of Developers (READ).
Michigan currently relies on programs such as the Community Revitalization Program and the Revitalization and Placemaking Program, which depend on annual appropriations and have not kept pace with demand for redevelopment funding. In recent years, demand for these programs has exceeded available funding by more than three to one.
The legislation is supported by a coalition of community development organizations, economic development leaders, developers, and private-sector partners from across Michigan.
“At READ, we strongly applaud the introduction of the Community Redevelopment Tax Credit (CRTC) bills. This is the single most important policy opportunity to advance neighborhood development in our urban core.
By boosting both commercial and housing projects that utilize federal housing, historic, or new market tax credits, the CRTC takes a crucial step toward leveling the playing field with our Midwest neighbors. This strategic investment provides the critical gap support necessary to make neighborhood projects feasible, empowering developers and community organizations to leverage private capital and transform our local landscapes. We thank the bill sponsors for their vision and urge the legislature to swiftly pass this transformative legislation,” said Jason Jones, Advocacy Co-Chair, Real Estate Association of Developers (READ).
About the Real Estate Association of Developers (READ)
The Real Estate Association of Developers (READ) is a Detroit-based organization committed to cultivating, connecting, and advocating for experienced and aspiring real estate developers. READ represents over 300 members collectively responsible for over $2.4 billion in real estate development across Michigan. Through partnerships with organizations including Henry Ford Health, the Detroit Pistons, Olympia Development, JPMorgan Chase, and LISC, READ has worked to expand access to development opportunities, capital, and resources for local developers.