Michigan State Legislature passes $81.7 billion FY 2023-24 Budget

CONTACT:
Jessica AcMoody, Policy Director
Phone: 517.485.3588 x 1944 
Email: acmoody@cedamichigan.org 

Community Economic Development field wins big with significant program investments 

 

LANSING, MI— Yesterday, the Michigan State Legislature passed a $81.7 billion FY 2023-24 budget. The budget now goes to Governor Whitmer for her signature. The budget provides significant investments in CEDAM’s priorities, including:

  • $50 million for the Michigan Housing and Community Development Fund (MHCDF)
  • $3.3 million for Volunteer Income Tax Preparation (VITA) program funding, and
  • $2.5 million for Children’s Savings Account (CSA) infrastructure and programs.

“Continued investments in housing are critical to addressing our state’s housing needs and meeting the goals of our state’s first housing plan,” said Jessica AcMoody, policy director at CEDAM. “CEDAM is thrilled to see our state leadership prioritize this flexible source of funding that will support our members in creating stronger, more resilient neighborhoods and communities.” 

Impactful economic inclusion programs are also supported through the FY 2024 budget, including VITA and CSA programs. These investments will help ensure Michigan’s families and individuals can put more money not only back into the economy, but toward bills, transportation, and food. Investments in CSA programs mean more families will be automatically enrolled in a Children’s Savings Account, providing students and their families the resources, hope, and belief they need to achieve their postsecondary goals. 

“CEDAM would like to thank our legislative champions Senate Majority Leader Brinks, Speaker Tate, Senate Appropriations Chair Anthony, House Appropriations Chair Witwer, Senator Cavanagh, Representative Snyder, Senator McDonald Rivet, Representative McKinney, and all legislative members who supported the budget,” said Brian Rakovitis, director of economic inclusion at CEDAM. “Free tax preparation programs, like VITA, help low- to moderate-income households navigate the complexities of tax season, ensuring they claim every tax credit for which they are eligible. This season, the state’s free tax preparation providers have already filed more than 69,000 federal returns at no cost, putting over $52 million in federal refunds back into the pockets of Michigan families and their communities. The State’s investment means that more hardworking Michigan taxpayers will be able to easily access these vital services and file for critical credits, including the Earned Income Tax Credit (EITC).”

CEDAM will provide a more detailed breakdown of the FY 2024 budget and how it affects the community economic development field after the Governor signs the budget.

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About CEDAM

CEDAM is a nonprofit membership association building vibrant communities across Michigan. Our capacity-building programs, policy advocacy, and training events emphasize supporting communities in the areas of affordable housing, economic growth, and wealth-building at both the federal and state levels. Through engagement and collaboration with CEDAM members, policymakers, state departments, and other partners, we sustain a thriving and equitable community economic development sector across the state. Learn more at cedamichigan.org