Amendment AA1-AB194

AB194-AA1,3,2 234.66 (4) (g) 1. d. With respect to each loan under this subsection for workforce housing or senior housing intended to be owner-occupied, that for the 10- year period commencing immediately after the developer closes on the sale of the housing to the initial owner-occupier for a period of 10 years beginning on the date the developer closes on the sale of the housing to the initial owner-occupier, the housing shall remain owner-occupied and may not be sold for a price that exceeds the price charged by the developer to greater than the original purchase price paid by the initial owner-occupier, adjusted annually by the average compounded annual percentage increase in the sale price of all residential housing in the county in which the housing is located, as determined by the authority increased by no more than 5 percent per year, compounded annually. These restrictions shall be recorded against the residential property with the applicable register of deeds and shall run with the land. For the 10-year period, the authority shall publish on its website the acceptable sales price range for the residential property.”.

AB194-AA1,3,3 6. Page 9, line 2: delete “2023” and substitute “2023 2020”.

AB194-AA1,3,4 7. Page 9, line 10: delete “2023” and substitute “2020”.

AB194-AA1,3,6 8. Page 10, line 17: delete “the market interest rate” and substitute “the market interest rate one percent”.

AB194-AA1,3,7 9. Page 14, line 15: delete “2023” and substitute “2023 2020”.

AB194-AA1,3,8 10. Page 14, line 23: delete “2023” and substitute “2020”.

AB194-AA1,3,9 11. Page 16, line 2: after that line insert:

AB194-AA1,3,10 “Section 44m. 234.662 (3) (d) 1. is amended to read:

AB194-AA1,3,13 234.662 (3) (d) 1. The authority may establish an interest rate for any loan awarded under this subsection at or below the market interest rate one percent or may charge no interest.”.

AB194-AA1,3,14 12. Page 16, line 17: after that line insert:

AB194-AA1,3,15 “Section 46g. 234.662 (3) (g) 1. b. is amended to read:

AB194-AA1,4,2 234.662 (3) (g) 1. b. That all residential housing constructed in connection with the loan shall remain workforce housing or senior housing, as applicable, for a period commencing on the date of the loan and concluding 10 years following initial occupancy of the residential housing constructed in connection with the loan, except that residential housing constructed in connection with the loan that is intended to be owner-occupied is not required to remain workforce housing or senior housing, as applicable, if the residential housing is sold after the sale to the initial owner-occupier. This restriction shall be recorded against the residential property with the applicable register of deeds and shall run with the land.

AB194-AA1,46r Section 46r. 234.662 (3) (g) 1. d. is amended to read:

AB194-AA1,4,17 234.662 (3) (g) 1. d. With respect to each loan under this subsection for workforce housing or senior housing intended to be owner-occupied, that for the 10- year period commencing immediately after the developer closes on the sale of the housing to the initial owner-occupier for a period of 10 years beginning on the date the developer closes on the sale of the housing to the initial owner-occupier, the housing shall remain owner-occupied and may not be sold for a price that exceeds the price charged by the developer to greater than the original purchase price paid by the initial owner-occupier, adjusted annually by the average compounded annual percentage increase in the sale price of all residential housing in the county in which the housing is located, as determined by the authority increased by no more than 5 percent per year, compounded annually. These restrictions shall be recorded against the residential property with the applicable register of deeds and shall run with the land. For the 10-year period, the authority shall publish on its website the acceptable sales price range for the residential property.”.

AB194-AA1,4,18 13. Page 17, line 3: after that line insert:

AB194-AA1,4,19 “Section 49. 709.03 (form) F7. of the statutes is amended to read:

AB194-AA1,4,20 709.03 (form)

- See PDF for table

AB194-AA1,50 Section 50. 709.033 (form) E7. of the statutes is amended to read:

AB194-AA1,5,2 709.033 (form)

- See PDF for table

AB194-AA1,51 Section 51. Nonstatutory provisions.

AB194-AA1,6,6 (1) Notwithstanding s. 709.035, the treatment of ss. 709.03 (form) F7. and 709.033 (form) E7. does not require a property owner that has furnished to a prospective buyer of the property an original or amended report before the effective date of this subsection to submit an amended report with respect to the information required by ss. 709.03 (form) F7. and 709.033 (form) E7.

AB194-AA1,52 Section 52. Initial applicability.

AB194-AA1,6,10 (1) Except as provided in subs. (2) and (3), this act first applies to loans for which the Wisconsin Housing and Economic Development Authority accepts applications on the effective date of this subsection.

AB194-AA1,6,12 (2) The treatment of ss. 709.03 (form) F7. and 709.033 (form) E7. first applies to a report that is furnished on the effective date of this subsection.

AB194-AA1,7,2 (3) The treatment of ss. 234.66 (4) (g) 1. b. and d. and 234.662 (3) (g) 1. b. and d. first applies to a loan agreement related to the construction of owner-occupied housing that is entered into or modified on the effective date of this subsection.

AB194-AA1,53 Section 53. Effective dates. This act takes effect on the day after publication, except as follows:

AB194-AA1,7,6 (1) The treatment of ss. 709.03 (form) F7. and 709.033 (form) E7. and Sections 51 (1) and 52 (2) of this act take effect on January 1, 2026.”.

AB194-AA1,7,7 (end)