234.59(1)(a)(a) “Authorized lender” means a bank, savings bank, savings and loan association, credit union or mortgage banker. 234.59(1)(d)(d) “Eligible property” means any of the following: 234.59(1)(d)1.1. A residential structure having a single dwelling unit, if the structure is or will be the principal residence of an applicant. 234.59(1)(d)2.2. A residential structure having no more than 4 dwelling units, if one of the units is or will be the principal residence of an applicant and the structure is an existing dwelling first occupied at least 5 years before execution of a homeownership mortgage loan secured by the dwelling. 234.59(1)(d)3.3. A dwelling unit in a condominium, a cooperative, or an unincorporated cooperative association, together with an interest in common areas, if the unit is or will be the principal residence of an applicant. 234.59(1)(d)4.4. A residential structure having 2 dwelling units, if one of the units will be the principal residence of an applicant. 234.59(1)(e)(e) “Existing dwelling” means a previously occupied dwelling. 234.59(1)(f)(f) “Homeownership mortgage loan” means a loan to finance the construction, long-term financing or qualified rehabilitation of an eligible property by an applicant. 234.59(1)(h)(h) “Mortgage banker” means a mortgage banker licensed under s. 224.72, but does not include a person licensed under s. 138.09. 234.59(1)(i)(i) “New dwelling” means a dwelling which has never been occupied. 234.59(1)(j)(j) “Principal residence” means residential real property in this state that an applicant maintains as a full-time residence, but does not use as a vacation home or for trade or business purposes. 234.59(2)(2) Powers and duties of the authority. The authority shall establish and administer a homeownership mortgage loan program to encourage homeownership and to facilitate the acquisition or rehabilitation of eligible property by applicants. To implement the program, the authority: 234.59(2)(a)(a) May enter into contracts permitting an authorized lender to make or service homeownership mortgage loans or both. 234.59(2)(c)(c) Shall maintain a current list of authorized lenders. 234.59(2)(e)(e) May enter into agreements to insure or provide additional security for homeownership mortgage loans or bonds or notes issued under s. 234.60. 234.59(2)(f)(f) May make a loan to a veteran, as defined in 38 USC 101 (2), who has not previously received a homeownership mortgage loan financed by bonds or notes issued under s. 234.60. 234.59(3)(bd)1.1. To the extent required as a condition to maintaining the exclusion from gross income for federal income tax purposes of interest on bonds, notes, or other evidences of indebtedness issued by or on behalf of the authority, a homeownership mortgage loan under this section shall be made to an applicant whose income does not exceed the applicable level specified under 26 USC 143 (f). The authority shall determine an applicant’s income in the manner specified under 26 USC 143 (f) and applicable rulings of the Internal Revenue Service. 234.59(3)(bd)2.2. Nothing under this section precludes the authority from imposing income limitations that are more restrictive than the income level determined in the manner specified under 26 USC 143 (f) and applicable rulings of the Internal Revenue Service. 234.59(3)(c)(c) The authority shall notify an authorized lender if a person’s name appears on the statewide support lien docket under s. 49.854 (2) (b). An authorized lender may not make a loan to an applicant if it receives notification under this paragraph concerning the applicant, unless the applicant provides to the lender a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a). 234.59(3)(d)(d) The authority may not make, buy, or assume a home ownership mortgage loan for an individual who does not have a social security number. 234.59(3)(e)(e) A homeownership mortgage loan may not be made to finance the acquisition or replacement of an existing mortgage given by an applicant. This paragraph does not apply to any of the following: 234.59(3)(e)3m.3m. A homeownership mortgage loan made in part to finance the acquisition or replacement of an existing mortgage given by an applicant if all of the following apply: 234.59(3)(e)3m.a.a. The eligible property is located in an area in a 1st class city in which the authority determines there is a high concentration of persons and families of low and moderate income. 234.59(3)(e)3m.b.b. As determined by the authority, the total amount the applicant owes on the existing mortgage, including principal and interest, plus the amount required for repairs to the eligible property, exceeds the maximum amount the applicant is able to borrow from other lenders given the lenders’ loan-to-value ratio requirements. 234.59(3)(e)3m.c.c. A portion of the loan under this subdivision is used to finance qualified rehabilitation of the eligible property. 234.59(3)(e)4.4. A loan made to pay off a loan funded or serviced by the authority. 234.592234.592 Qualified subprime loan refinancing. 234.592(1)(d)(d) “Qualified subprime loan” means an adjustable rate single-family residential mortgage loan made after December 31, 2001, and before January 1, 2008. 234.592(2)(2) Powers and duties of the authority. The authority shall establish and administer a qualified subprime loan refinancing program to encourage homeownership and to facilitate the retention of eligible property by applicants. To implement the program, the authority: 234.592(2)(a)(a) May finance the acquisition or replacement of a qualified subprime loan and may enter into contracts permitting an authorized lender to finance the acquisition or replacement of a qualified subprime loan or both. 234.592(2)(b)(b) Shall maintain a current list of authorized lenders. 234.592(2)(c)(c) May enter into agreements to insure or provide additional security for loans or bonds or notes issued under s. 234.60. 234.592(3)(a)(a) Except as provided in par. (b), the authority may finance the acquisition or replacement of or enter into contracts permitting an authorized lender to finance the acquisition or replacement of an existing mortgage given by an applicant on an eligible property only if all of the following conditions are satisfied: 234.592(3)(a)1.1. The eligible property is and will remain the principal residence of the applicant. 234.592(3)(a)2.2. The existing mortgage was originally financed through a qualified subprime loan and has not subsequently been refinanced. 234.592(3)(a)3.3. The authority makes a determination that the mortgage described in subd. 2. will be reasonably likely to cause financial hardship to the applicant if not refinanced. 234.592(3)(a)4.4. The term of any refinancing agreement entered into under this paragraph does not exceed 30 years. 234.592(3)(a)5.5. The monthly payments to be made by an applicant under an agreement entered into under this paragraph include principal, interest, property taxes, and insurance. In this subdivision, “insurance” includes mortgage insurance, homeowner’s insurance, and, if applicable, flood insurance. 234.592(3)(b)(b) The authority may not enter into an agreement under this subsection if the applicant’s name appears on the statewide support lien docket under s. 49.854 (2) (b), unless the applicant provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a). 234.592 HistoryHistory: 2009 a. 2. 234.60234.60 Bonds for homeownership mortgage loans and qualified subprime loan refinancing. 234.60(1)(1) The authority may issue its bonds or notes to fund homeownership mortgage loans or the refinancing of qualified subprime loans under s. 234.592. 234.60(4)(4) Before issuing bonds or notes under this section, the authority shall consult and coordinate the bond or note issue with the building commission. 234.60(5)(a)(a) The secretary of administration shall determine the date after which no bond or note issued may be treated as a qualified mortgage bond under 26 USC 143 (a) (1). 234.60(5)(b)(b) No bonds or notes may be issued under this section after the date determined under par. (a), except bonds or notes issued to refund outstanding bonds or notes issued under this section. 234.60(5)(c)(c) The secretary of administration shall determine the date after which no bond or note may be issued under this section for the purpose of financing the acquisition or replacement of an existing mortgage under s. 234.592. 234.60(9)(9) The executive director of the authority shall make every effort to encourage participation in the homeownership mortgage loan program and the qualified subprime loan refinancing program by women and minorities. 234.605234.605 Homeowner eviction and lien protection program. 234.605(1)(b)(b) “Lender” means any banking institution, savings bank, savings and loan association, or credit union organized under the laws of this or any other state or of the United States having an office in this state. 234.605(1)(c)(c) “Mortgage loan” means a loan secured by a first lien real estate mortgage on the eligible property of an applicant. 234.605(2)(2) Subject to the approval of all members of the authority, the authority may establish and administer a homeowner eviction and lien protection program to encourage the refinancing of mortgage loans by lenders in order to facilitate the retention of eligible property by persons and families. 234.605(3)(a)(a) Except as provided in par. (b), to implement the program, the authority may enter into agreements with lenders regarding the refinancing of a mortgage loan and may make or participate in the making and enter into commitments for the making of loans to refinance a mortgage loan if the authority first determines all of the following: 234.605(3)(a)1.1. The applicant has made a reasonable effort to refinance the mortgage loan with the existing lender or loan servicer or with an organization approved by the authority, but the applicant has been unsuccessful in his or her effort. The authority shall designate and maintain a current list of organizations approved under this subdivision. 234.605(3)(a)2.2. The lender will not refinance the mortgage loan in the absence of an agreement with the authority. 234.605(3)(b)(b) The authority may not enter into an agreement with a lender under this section if the applicant’s name appears on the statewide support lien docket under s. 49.854 (2) (b), unless the applicant provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a). 234.605(4)(4) The authority shall submit a quarterly report to the joint committee on finance. The report shall summarize the progress and performance of the program established under this section. The cochairpersons of the joint committee on finance may convene a meeting of the committee at any time to review or dissolve the program established under this section. 234.605 HistoryHistory: 2009 a. 2. 234.61234.61 Bonds for residential facilities for the elderly or chronically disabled. 234.61(1)(1) Upon the authorization of the department of health services, the authority may issue bonds or notes and make loans for the financing of housing projects which are residential facilities as defined in s. 46.28 (1) (d) and the development costs of those housing projects, if the department of health services has approved the residential facilities for financing under s. 46.28 (2). The limitations in ss. 234.18, 234.40, 234.50, 234.60, and 234.65 do not apply to bonds or notes issued under this section. The definition of “nonprofit corporation” in s. 234.01 (9) does not apply to this section. 234.61(2)(a)(a) The aggregate amount of outstanding bonds or notes issued under this subsection may not exceed $99,400,000. 234.61(2)(b)(b) Of the amount specified in par. (a), $30,000,000 may only be used to finance residential facilities serving 15 or fewer persons who are chronically disabled, as defined in s. 46.28 (1) (b). 234.61(2)(c)1.1. Of the amount specified in par. (a), $48,580,000 may only be used to finance residential facilities with 100 or fewer units for elderly persons, as defined in s. 46.28 (1) (c) or to finance additional residential facilities serving 15 or fewer persons who are chronically disabled. 234.61(2)(c)2.2. The remainder of the amount specified in par. (a) may only be used to finance residential facilities with 50 or fewer units for elderly persons, as defined in s. 46.28 (1) (c), or to finance additional residential facilities serving 15 or fewer persons who are chronically disabled. 234.61(2)(c)3.3. At least 20 percent of the units in any residential facility serving elderly persons for which bonds or notes are issued under this paragraph shall be reserved for low-income elderly persons. 234.61(3)(3) The authority is not required to issue bonds or notes under this section to finance residential facilities for persons and families of low and moderate income.
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Chs. 231-234, Independent Authorities
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