AB50,2401 Section 2401. 234.45 (1) (e) of the statutes is amended to read:

AB50,1216,5 234.45 (1) (e) “Qualified development” means a qualified low-income housing project under section 42 (g) of the Internal Revenue Code that is financed with tax- exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4) (A) of the Internal Revenue Code, allocated the credit under section 42 of the Internal Revenue Code, and located in this state; except that the authority may waive, in the qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code, the requirements of tax-exempt bond financing and federal credit allocation to the extent the authority anticipates that sufficient volume cap under section 146 of the Internal Revenue Code will not be available to finance low-income housing projects in any year.

AB50,2402 Section 2402. 234.45 (4) of the statutes is amended to read:

AB50,1216,14 234.45 (4) Allocation limits. In any calendar year, the aggregate amount of all state tax credits for which the authority certifies persons in allocation certificates issued under sub. (3) in that year may not exceed $42,000,000 $100,000,000, including all amounts each person is eligible to claim for each year of the credit period, plus the total amount of all unallocated state tax credits from previous calendar years and plus the total amount of all previously allocated state tax credits that have been revoked or cancelled or otherwise recovered by the authority.

AB50,2403 Section 2403. 234.622 (4) (b) of the statutes is amended to read:

AB50,1216,17 234.622 (4) (b) A veteran, as defined in s. 45.01 (12) (a) to (f) (fm), who has been accepted into the program.

AB50,2404 Section 2404. 234.625 (4) (b) 9. of the statutes is amended to read:

AB50,1216,22 234.625 (4) (b) 9. If the participant is a veteran, as defined in s. 45.01 (12) (a) to (f) (fm), who is not 65 years of age or older, at a time before any of the events under subds. 1. to 7. occurs, as determined under policies and procedures established by the authority.

AB50,2405 Section 2405. 234.66 (1) (b) of the statutes is renumbered 234.66 (1) (b) (intro.) and amended to read:

AB50,1217,2 234.66 (1) (b) (intro.) “Developer” means a person other than a governmental unit that constructs or creates residential housing. and that is any of the following:

AB50,2406 Section 2406. 234.66 (1) (b) 1. of the statutes is created to read:

AB50,1217,4 234.66 (1) (b) 1. A person other than a governmental unit.

AB50,2407 Section 2407. 234.66 (1) (b) 2. of the statutes is created to read:

AB50,1217,6 234.66 (1) (b) 2. A tribal housing authority created by a tribal council.

AB50,2408 Section 2408. 234.66 (1) (cm) of the statutes is created to read:

AB50,1217,9 234.66 (1) (cm) “Governmental unit” means a city, village, town, county, or federally recognized American Indian tribe or band in this state.

AB50,2409 Section 2409. 234.66 (1) (e) 2. of the statutes is created to read:

AB50,1217,13 234.66 (1) (e) 2. The housing is not subject to taxation under ch. 70 because it is designated as reservation lands, as defined in s. 165.92 (1) (a), or as trust lands, as defined in s. 165.92 (1) (d).

AB50,2410 Section 2410. 234.66 (1) (g) (intro.) and 1. of the statutes are consolidated, renumbered 234.66 (1) (g) and amended to read:

AB50,1217,20 234.66 (1) (g) “Residential housing” means new single-family or multifamily housing for rent or sale that satisfies all of the following: 1. Is is subject to taxation under ch. 70 or is not subject to taxation under ch. 70 because it is designated as reservation lands, as defined in s. 165.92 (1) (a), or trust lands, as defined in s. 165.92 (1) (d).

AB50,2411 Section 2411. 234.66 (1) (g) 2. of the statutes is repealed.

AB50,2412 Section 2412. 234.66 (1) (g) 3. of the statutes is repealed.

AB50,2413 Section 2413. 234.66 (4) (a) 5. of the statutes is amended to read:

AB50,1218,14 234.66 (4) (a) 5. The eligible governmental unit has reduced the cost of residential housing in connection with the eligible project by voluntarily revising zoning ordinances, subdivision regulations, or other land development regulations to increase development density, expedite approvals, reduce impact, water connection, and inspection fees, or reduce parking, building, or other development costs with respect to the development of residential housing supported by the project. For purposes of this subdivision, the governmental unit in cooperation with the developer shall submit to the authority a cost reduction analysis in a form prescribed by the authority and signed by the developer and the head of the governmental unit’s governing body that shows the cost reduction measures, including time saving measures, undertaken by the governmental unit on or after January 1, 2023 2015, that have reduced the cost of residential housing in connection with the eligible project. The signed analysis shall clearly show for each time saving or cost reduction measure the estimated time or dollar amount saved by the developer and the estimated percentage reduction in housing costs.

AB50,2414 Section 2414. 234.66 (4) (a) 7. of the statutes is repealed.

AB50,2415 Section 2415. 234.66 (4) (c) 2. of the statutes is amended to read:

AB50,1218,19 234.66 (4) (c) 2. No loan awarded under this subsection may exceed 20 33 percent of the total cost of development, including land purchase, of the residential housing supported by the eligible project.

AB50,2416 Section 2416. 234.66 (4) (cm) of the statutes is created to read:

AB50,1218,24 234.66 (4) (cm) The developer may use up to 25 percent of loan moneys for private infrastructure that is not and will not be owned, maintained, or provided to or by a governmental unit and is not in a rural area and transferred to public use but that otherwise meets the definition of housing infrastructure under sub. (1) (e).