Bill > SB1191

This bill amends the Michigan Strategic Fund Act by establishing a framework to support the development and adoption of mass timber—an engineered wood building material made from layers of lumber that allows large structures to be built sustainably—through new loan, technical assistance, and advisory programs administered by the Michigan Strategic Fund (MSF) and the Michigan Economic Development Corporation (MEDC). Specifically, the legislation creates the Michigan Mass Timber Revolving Loan Fund in the state treasury to finance pre-development work, construction gaps, and manufacturing or supply chain enhancements for eligible applicants such as developers, municipalities, and timber companies, while also setting specific caps on loan amounts, interest rates, and terms based on the adjusted prime rate. Additionally, the bill establishes a mass timber technical assistance program to provide guidance on feasibility, structural design, and supply chain connections, creates a new Mass Timber Advisory Board to guide these initiatives, and updates annual reporting requirements to ensure the legislature and the public are informed of program activities, job creation, and investments.