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ASSEMBLY AMENDMENT 1,
TO ASSEMBLY BILL 264
June 5, 2023 - Offered by Representative Brooks.
AB264-AA1,1,11 At the locations indicated, amend the bill as follows:
AB264-AA1,1,3 21. Page 5, line 4: delete “is subject to taxation under ch. 70." and substitute
3“satisfies all of the following:”.
AB264-AA1,1,4 42. Page 5, line 4: after that line insert:
AB264-AA1,1,5 5“1. Is subject to taxation under ch. 70.
AB264-AA1,1,76 2. Has not been the subject of a claim for a state or federal historic
7rehabilitation tax credit, as determined by the authority.
AB264-AA1,1,98 3. Has not received financial assistance from tax increments generated by an
9active tax incremental district.”.
AB264-AA1,1,10 103. Page 6, line 11: after that line insert:
AB264-AA1,1,13 11“(am) In its discretion, the authority may invest fund moneys that are not
12required for immediate use or disbursement in all of the following to the extent
13lawful for fiduciaries in this state:
AB264-AA1,2,3
11. An obligation of the United States or one of its agencies or instrumentalities,
2or an obligation the principal and interest of which are guaranteed by the United
3States or one of its agencies or instrumentalities.
AB264-AA1,2,54 2. An obligation of any state, or of any county, city, or other political subdivision
5of a state, having long-term ratings in the AA category or higher.
AB264-AA1,2,66 3. A certificate of deposit.
AB264-AA1,2,77 4. The state investment fund.
AB264-AA1,2,98 5. A money market mutual fund restricted to one or more investments as
9provided in subd. 1., 2., 3., or 4.
AB264-AA1,2,1110 (an) All investments under par. (am) shall be the exclusive property of the fund.
11All earnings on or income from such investments shall be credited to the fund.”.
AB264-AA1,2,13 124. Page 7, line 9: delete “The eligible" and substitute “Notwithstanding s.
1366.1015, the eligible".
AB264-AA1,2,14 145. Page 8, line 17: delete lines 17 and 18 and substitute:
AB264-AA1,2,16 15“(c) 1. The authority may establish an interest rate for any loan awarded under
16this subsection at or below the market interest rate or may charge no interest.”.
AB264-AA1,2,19 176. Page 11, line 12: after “land." insert “For the 10-year period, the authority
18shall publish on its website the acceptable sales price range for the residential
19property.".
AB264-AA1,2,20 207. Page 12, line 7: delete lines 7 and 8 and substitute:
AB264-AA1,2,22 21“(b) The authority may establish an interest rate for any loan awarded under
22this subsection at or below the market interest rate or may charge no interest.”.
AB264-AA1,3,3
18. Page 12, line 10: delete “loan awarded to the developer under sub. (4)" and
2substitute “total cost of development of the residential housing supported by the
3eligible project".
AB264-AA1,3,4 49. Page 12, line 10: after that line insert:
AB264-AA1,3,8 5(5m) Policies and procedures. The authority shall establish policies and
6procedures to administer the residential housing infrastructure revolving loan fund
7and program under this section. The policies and procedures shall, to the extent
8practicable, do all of the following:
AB264-AA1,3,109 (a) Incorporate the authority's policies and procedures for establishing credit
10underwriting guidelines.
AB264-AA1,3,1511 (b) Require that the full amount of each loan awarded under sub. (4) is secured
12by one or more unlimited personal guarantees, unless the developer provides no
13personal guarantee on any first mortgage for the eligible project and the developer's
14total debt associated with the project does not exceed 75 percent of the total collateral
15value of the project, as determined by the authority.
AB264-AA1,3,1616 (c) Establish loan repayment requirements.”.
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