Prohibition on purchases by large institutional investors.

Sec. 7. (1) Except as otherwise provided in this section, a large institutional investor shall not purchase or enter into a contract to directly or indirectly purchase a single-family home in this state. (2) The prohibition under subsection (1) does not apply to any of the following: (a) An excepted purchase. (b) The purchase of a single-family home in connection with a restructuring or other reorganization of ownership of single-family homes that were owned or purchased on or before the effective date of this act. (c) The purchase, ownership, development, rehabilitation, preservation, financing, or operation of a single-family home pursuant to a brownfield plan, work plan, or housing development activity approved by the Michigan state housing development authority under the brownfield redevelopment financing act, 1996 PA 381, MCL 125.2651 to 125.2670. As used in this subdivision, "brownfield plan", "housing development activity", and "work plan" mean those terms as defined in section 2 of the brownfield redevelopment financing act, 1996 PA 381, MCL 125.2652. (d) The purchase of a single-family home that is constructed, rehabilitated, or otherwise designed as a dwelling unit and meets both of the following qualifications: (i) Is approved by the Michigan state housing authority. (ii) Is rented by an income qualified household as that term is defined in section 2 of the brownfield redevelopment financing act, 1996 PA 381, MCL 125.2652.