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2023 - 2024 LEGISLATURE
SENATE AMENDMENT 1,
TO SENATE BILL 295
June 6, 2023 - Offered by Senator Feyen.
SB295-SA1,1,11 At the locations indicated, amend the bill as follows:
SB295-SA1,1,3 21. Page 3, line 15: after “year" insert “or has been underutilized, as determined
3by the authority".
SB295-SA1,1,5 42. Page 4, line 1: delete “building is zoned for residential use" and substitute
5“building's current zoning permits a residential use".
SB295-SA1,1,6 63. Page 4, line 1: after that line insert:
SB295-SA1,1,8 7“3. The building has not been the subject of a claim for a state or federal historic
8rehabilitation tax credit, as determined by the authority.
SB295-SA1,1,109 4. The building has not received financial assistance from tax increments
10generated by an active tax incremental district.”.
SB295-SA1,1,11 114. Page 5, line 11: after that line insert:
SB295-SA1,2,3
1“(am) In its discretion, the authority may invest fund moneys that are not
2required for immediate use or disbursement in all of the following to the extent
3lawful for fiduciaries in this state:
SB295-SA1,2,64 1. An obligation of the United States or one of its agencies or instrumentalities,
5or an obligation the principal and interest of which are guaranteed by the United
6States or one of its agencies or instrumentalities.
SB295-SA1,2,87 2. An obligation of any state, or of any county, city, or other political subdivision
8of a state, having long-term ratings in the AA category or higher.
SB295-SA1,2,99 3. A certificate of deposit.
SB295-SA1,2,1010 4. The state investment fund.
SB295-SA1,2,1211 5. A money market mutual fund restricted to one or more investments as
12provided in subd. 1., 2., 3., or 4.
SB295-SA1,2,1413 (an) All investments under par. (am) shall be the exclusive property of the fund.
14All earnings on or income from such investments shall be credited to the fund.”.
SB295-SA1,2,15 155. Page 7, line 12: delete lines 12 and 13 and substitute:
SB295-SA1,2,17 16“(d) 1. The authority may establish an interest rate for any loan awarded under
17this subsection at or below the market interest rate or may charge no interest.”.
SB295-SA1,2,20 186. Page 9, line 25: after “land." insert “For the 10-year period, the authority
19shall publish on its website the acceptable sales price range for the residential
20property.".
SB295-SA1,2,21 217. Page 9, line 25: after that line insert:
SB295-SA1,3,2 22“e. If a vacant commercial building contains lead paint, asbestos, or mold, the
23authority's loan agreement with the developer shall require the developer to

1remediate the hazardous material or condition as required by and in accordance with
2local, state, and federal laws or regulations.”.
SB295-SA1,3,3 38. Page 10, line 10: after that line insert:
SB295-SA1,3,7 4(3m) Policies and procedures. The authority shall establish policies and
5procedures to administer the commercial-to-housing conversion revolving loan
6fund and program under this section. The policies and procedures shall, to the extent
7practicable, do all of the following:
SB295-SA1,3,98 (a) Incorporate the authority's policies and procedures for establishing credit
9underwriting guidelines.
SB295-SA1,3,1410 (b) Require that the full amount of each loan awarded under sub. (3) is secured
11by one or more unlimited personal guarantees, unless the developer provides no
12personal guarantee on any first mortgage for the eligible project and the developer's
13total debt associated with the project does not exceed 75 percent of the total collateral
14value of the project, as determined by the authority.
SB295-SA1,3,1515 (c) Establish loan repayment requirements.”.
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