Historic Districts seem to be a hot button issue lately across the country. There are several states where legislation is being proposed that would effectively weaken or eliminate historic districts. Michigan is one of those states.
Investors will often find that owning rental property in a historic district can be a more expensive proposition, and getting approval for changes to the exterior of their property can be a time-consuming process as well.
But do the benefits outweigh the costs of owning property in a a historic district?
Today I talk with Suzanne Schulz, the Planning Director for the city of Grand Rapids, to discuss this question. We'll also learn more about historic districts, their purpose, and the proposed legislation in Michigan that could end them all together.
(tags: Historic District Modernization Act, Michigan, Property Rights, Rental Property)