Amendment SSA1-SB484

SB484-SSA1,3,15 (a) “Eligible applicant” means one or more of the following:

SB484-SSA1,3,16 1. A rural county in this state.

SB484-SSA1,3,17 2. A city, town, or village located in a rural county in this state.

SB484-SSA1,3,19 (b) “Project” means housing for which the authority awards workforce housing financial assistance.

SB484-SSA1,3,22 (c) “Rural county” means a county in this state in which more than 25 percent of the county's residents reside in a rural area under standards established by the federal department of agriculture, as determined by the authority.

SB484-SSA1,3,24 (d) “Workforce housing financial assistance” means financial assistance awarded under sub. (2) (b).

SB484-SSA1,4,5 (2) Establishment of pilot program; requirements. (a) The authority shall establish and administer a pilot program to encourage the creation of single-family and multifamily workforce housing in rural counties. No later than August 1, 2020, the authority shall begin outreach to solicit eligible applicants for workforce housing financial assistance.

SB484-SSA1,4,8 (b) Under the program established under par. (a), the authority shall award grants, loans, loan guarantees, or other forms of financial assistance for workforce housing in rural counties.

SB484-SSA1,4,10 (c) The authority shall award workforce housing financial assistance for projects in at least 3 communities in one or more rural counties.

SB484-SSA1,4,14 (d) The initial purchase price for each single-family home constructed or rehabilitated with workforce housing financial assistance may not exceed the initial purchase price limitations applicable under the federal mortgage revenue bond requirement under 26 USC 143, as determined by the authority.

SB484-SSA1,4,17 (e) Before disbursing any workforce housing financial assistance awarded for a project, the authority shall determine that all applicable state and local permitting requirements are satisfied with respect to the project.

SB484-SSA1,4,21 (f) The authority shall contract with each recipient of workforce housing financial assistance. The contract shall include the authority's right to recover all amounts of workforce housing financial assistance awarded but not used in accordance with the contract.

SB484-SSA1,4,23 (3) Applications; competitive process. (a) Any eligible applicant may apply for an award of workforce housing financial assistance.

SB484-SSA1,5,2 (b) The authority shall establish a competitive process for awarding workforce housing financial assistance that gives the highest priority to funding projects in the most rural communities in the state and includes consideration of all of the following for each application:

SB484-SSA1,5,4 1. The amount of funding secured for each potential project from sources other than the state or the authority.

SB484-SSA1,5,6 2. The amount of momentum to improve workforce housing in the community where each potential project is located.

SB484-SSA1,5,7 3. The need for each potential project in the community.

SB484-SSA1,5,9 4. The readiness to move forward with each potential project, including the existence of favorable local zoning or land use ordinances.

SB484-SSA1,5,12 (c) 1. No later than April 1, 2020, the authority shall submit the pilot program, including the competitive process established under par. (b), to the joint committee on finance.

SB484-SSA1,5,20 2. If the cochairpersons of the joint committee on finance do not notify the authority within 14 working days after the date the authority submits the program under subd. 1. that the committee has scheduled a meeting to review the program, the authority may implement the program as submitted. If, within 14 working days after the date the authority submits the program under subd. 1., the cochairpersons of the committee notify the authority that the committee has scheduled a meeting to review the program, the authority may implement the program only if approved by the committee.

SB484-SSA1,6,2 (4) Funding. (a) In the 2019-21 fiscal biennium, the authority shall allocate $10,000,000 from its surplus fund, as specified in s. 234.165 (1), to make awards of workforce housing financial assistance. The amount allocated under this subsection is not subject to s. 234.165 (2) (c) and may, at the authority's discretion, include surplus amounts previously approved for expenditure for another purpose under s. 234.165 (2) (b).

SB484-SSA1,6,7 (b) Notwithstanding the purpose specified under par. (a) for the allocation required under that paragraph, the authority may make expenditures from that allocation for the purpose of expanding any program supporting workforce housing in rural counties that is included in the authority's plan submitted under s. 234.165 (2) (b) in 2019.

SB484-SSA1,6,12 (5) Report. No later than September 30, 2022, the authority shall submit a report concerning the pilot program under this section to the joint committee on finance and, under s. 13.172 (3), to the appropriate standing committees of the legislature having jurisdiction over matters relating to housing. The report shall include all of the following:

SB484-SSA1,6,14 (a) The number, kind, and amount of the authority's awards of workforce housing financial assistance.

SB484-SSA1,6,15 (b) The location of each project and the economic impact of the project.

SB484-SSA1,6,17 (c) The location and economic impact of additional workforce housing funded under sub. (4) (b).

SB484-SSA1,6,19 (d) Any other information the authority deems necessary or appropriate for the legislature to assess the results of the pilot program.

SB484-SSA1,3 Section 3 . 234.49 (2) (a) 4. of the statutes is amended to read:

SB484-SSA1,7,2 234.49 (2) (a) 4. To designate as an authorized lender the authority or any local government agency, housing authority under s. 59.53 (22), 61.73, 66.1201 or 66.1213, bank, savings bank, savings and loan institution, mortgage banker licensed under s. 224.72 or, credit union, or community development corporation, or any nonprofit or other entity meeting criteria established by the authority, if the designee has a demonstrated history or potential of ability to adequately make and service housing rehabilitation loans.

SB484-SSA1,4 Section 4 . 234.49 (2) (a) 9. e. of the statutes is created to read:

SB484-SSA1,7,5 234.49 (2) (a) 9. e. Any eligible rehabilitation in a rural county, as defined in s. 234.045 (1) (c).

SB484-SSA1,7,6 (End)