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2023 - 2024 LEGISLATURE
SENATE AMENDMENT 1,
TO SENATE BILL 294
June 7, 2023 - Offered by Senator Jagler.
SB294-SA1,1,11 At the locations indicated, amend the bill as follows:
SB294-SA1,1,2 21. Page 4, line 3: delete “30" and substitute “20".
SB294-SA1,1,3 32. Page 4, line 5: after that line insert:
SB294-SA1,1,5 4“5. Has not been the subject of a claim for a state or federal historic
5rehabilitation tax credit, as determined by the authority.
SB294-SA1,1,76 6. Has not received financial assistance from tax increments generated by an
7active tax incremental district.”.
SB294-SA1,1,9 83. Page 4, line 13: delete “paint or asbestos" and substitute “paint, asbestos,
9or mold in accordance with applicable local, state, and federal laws and regulations".
SB294-SA1,1,10 104. Page 5, line 8: after that line insert:
SB294-SA1,1,13 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:
SB294-SA1,2,3
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.
SB294-SA1,2,54 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.
SB294-SA1,2,66 3. A certificate of deposit.
SB294-SA1,2,77 4. The state investment fund.
SB294-SA1,2,98 5. A money market mutual fund restricted to one or more investments as
9provided in subd. 1., 2., 3., or 4.
SB294-SA1,2,1110 (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.”.
SB294-SA1,2,14 125. Page 7, line 10: delete that line and substitute “and the authority may
13establish an interest rate for any loan awarded under this subsection at or below the
14market interest rate or may charge no interest.”.
SB294-SA1,2,15 156. Page 8, line 21: after that line insert:
SB294-SA1,2,19 16“d. If the rental housing to be rehabilitated with loan proceeds contains lead
17paint, asbestos, or mold, the authority's loan agreement with the owner shall require
18the owner to remediate the hazardous material or condition as required by and in
19accordance with local, state, and federal laws or regulations.”.
SB294-SA1,2,20 207. Page 9, line 6: after that line insert:
SB294-SA1,2,24 21(3m) Policies and procedures. The authority shall establish policies and
22procedures to administer the main street housing rehabilitation revolving loan fund
23and program under this section. The policies and procedures shall, to the extent
24practicable, do all of the following:
SB294-SA1,3,2
1(a) Incorporate the authority's policies and procedures for establishing credit
2underwriting guidelines.
SB294-SA1,3,73 (b) Require that the full amount of each loan under sub. (3) is secured by one
4or more unlimited personal guarantees, unless the developer provides no personal
5guarantee on any first mortgage for the eligible project and the developer's total debt
6associated with project does not exceed 75 percent of the total collateral value of the
7project, as determined by the authority.
SB294-SA1,3,88 (c) Establish loan repayment requirements.”.
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