Substitute House Bill No. 5153, Public Act No. 24-86, is an act concerning eligibility for workforce housing development projects. The bill amends the definitions and requirements for workforce housing development projects within the state statutes. Notably, the definition of a "business firm" has been expanded to include various types of companies and carriers that are subject to different state taxes, such as air carriers, railroad companies, utility companies, and others. Additionally, the bill modifies the composition of workforce housing development projects by changing the percentage of units that must be rented to the workforce population and those rented at market rate. Specifically, the bill increases the percentage of units that must be rented to the workforce population from 40% to 50% and decreases the market rate units from 50% to 40%.

The bill also outlines the process for obtaining approval for workforce housing opportunity development projects, including the requirement for approval from the zoning commission and other applicable municipal agencies. Once approvals are granted, the municipality has the option to designate the workforce population for 50% of the project's units, which can include professions such as volunteer firefighters, teachers, police officers, and emergency medical personnel. If the municipality does not make a designation within the specified 30-day period post-approval, the developer is given the authority to make the designation. The act is set to become effective on June 1, 2024.