8. The applicant’s home has not received financial assistance from tax increments generated by an active tax incremental district.
17,6Section 6. 234.045 (2) (b) of the statutes is amended to read: 234.045 (2) (b) The authority may establish an interest rate for any loan made under par. (a) at or below the market interest rate or may charge no interest.
17,6eSection 6e. 234.045 (2) (c) of the statutes is created to read: 234.045 (2) (c) If a loan recipient’s home contains lead paint, asbestos, or mold, the authority’s loan agreement with the recipient shall require the recipient to remediate the hazardous material or condition as required by and in accordance with local, state, and federal laws or regulations.
17,6gSection 6g. 234.045 (3) of the statutes is created to read: 234.045 (3) Policies and procedures. The authority shall establish policies and procedures to administer the housing rehabilitation loan fund and the program under this section. The policies and procedures shall, to the extent practicable, do all of the following:
(a) Incorporate the authority’s policies and procedures for establishing credit underwriting guidelines.
(b) Establish loan repayment requirements.
17,7Section 7. 234.53 (1m) of the statutes is created to read: 234.53 (1m) (a) All of the following shall be credited to the fund:
1. All moneys appropriated to the authority for the fund in the 2023-25 fiscal biennium.
2. All moneys received from the repayment of loans under s. 234.045.
(b) All moneys credited to the fund under par. (a) shall be used for loans awarded under s. 234.045.
(c) Of the amounts credited to the fund under par. (a) 1., the authority shall return to the secretary of administration for deposit in the general fund all such amounts not encumbered or expended for eligible rehabilitation, as defined in s. 234.045 (1), as of the first day of the 8th year beginning after the effective date of this paragraph .... [LRB inserts date].
17,8Section 8. 234.53 (2) of the statutes is amended to read: 234.53 (2) Except as provided in sub. subs. (1m) and (2m) and s. 234.045, the authority shall use moneys in the fund for the purpose of purchasing housing rehabilitation loans or for funding commitments for loans to lenders for housing rehabilitation loans. All disbursements of funds under this subsection for purchasing such loans shall be made payable to an authorized lender, as defined in s. 234.49 (1) (b), or a duly authorized agent thereof.
17,9Section 9. 234.53 (2m) of the statutes is amended to read: 234.53 (2m) The Except for moneys credited to the fund under sub. (1m), the authority may use moneys in the fund for the purpose of funding or purchasing loans under any down payment assistance program established by the authority.
17,9gSection 9g. 234.53 (3) of the statutes is repealed and recreated to read: 234.53 (3) No moneys in the fund may be invested under s. 234.03 (18).
17,9rSection 9r. 234.53 (3m) of the statutes is created to read: 234.53 (3m) (a) In its discretion, the authority may invest fund moneys that are not required for immediate use or disbursement in all of the following to the extent lawful for fiduciaries in this state:
1. An obligation of the United States or one of its agencies or instrumentalities, or an obligation the principal and interest of which are guaranteed by the United States or one of its agencies or instrumentalities.
2. An obligation of any state, or of any county, city, or other political subdivision of a state, having long-term ratings in the AA category or higher.
3. A certificate of deposit.
4. The state investment fund.
5. A money market mutual fund restricted to one or more investments as provided in subd. 1., 2., 3., or 4.
(b) All investments under par. (a) shall be the exclusive property of the fund. All earnings on or income from such investments shall be credited to the fund.
17,10Section 10. 234.53 (4) of the statutes is amended to read: 234.53 (4) The Except for moneys credited to the fund under sub. (1m), the authority may use moneys in the fund to cover actual and necessary expenses incurred in the sale of housing rehabilitation bonds and investment of the proceeds thereof.
17,11Section 11. 234.53 (5) of the statutes is amended to read: 234.53 (5) Any Except for moneys credited to the fund under sub. (1m), any moneys not needed for the purposes of the fund shall be transferred to the housing rehabilitation loan program bond redemption fund.
