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 of the statutes is repealed.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 of the statutes is repealed.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 of the statutes is repealed.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).

AB50,2417 Section 2417. 234.66 (5) (c) of the statutes is amended to read:

AB50,1219,4 234.66 (5) (c) No loan awarded under this subsection may exceed 10 25 percent of the amount of the total cost of development of the residential housing supported by the eligible project.

AB50,2418 Section 2418. 234.661 (1) (b) of the statutes is amended to read:

AB50,1219,8 234.661 (1) (b) “Eligible political subdivision” governmental unit” means the city, village, town, or county governmental unit having jurisdiction over an eligible project, as determined by the authority.

AB50,2419 Section 2419. 234.661 (1) (c) 5. of the statutes is repealed.

AB50,2420 Section 2420. 234.661 (1) (c) 6. of the statutes is repealed.

AB50,2421 Section 2421. 234.661 (1) (e) of the statutes is renumbered 234.661 (1) (e) (intro.) and amended to read:

AB50,1219,15 234.661 (1) (e) (intro.) “Rental housing” means single-family or multifamily housing offered or intended to be offered for rent that to which any of the following applies:

AB50,1219,16 1. The housing is subject to taxation under ch. 70.

AB50,2422 Section 2422. 234.661 (3) (b) (intro.) of the statutes is amended to read:

AB50,1220,2 234.661 (3) (b) (intro.) From the main street housing rehabilitation revolving loan fund, the authority may award loans to owners of rental housing to cover housing rehabilitation costs for an eligible project. Any owner of rental housing, other than a city, village, town, or county governmental unit, may apply to the authority for a loan in accordance with the application process established by the authority under par. (c), but the authority may not award the loan unless the owner of the rental housing and eligible political subdivision governmental unit demonstrate to the satisfaction of the authority in one or more forms prescribed by the authority that all of the following apply:

AB50,2423 Section 2423. 234.661 (3) (b) 3. of the statutes is amended to read:

AB50,1220,18 234.661 (3) (b) 3. The eligible political subdivision governmental unit has reduced the cost of rental 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 fees, or reduce parking, building, or other development costs with respect to the eligible project. For purposes of this subdivision, the political subdivision governmental unit in cooperation with the owner shall submit to the authority a cost reduction analysis in a form prescribed by the authority and signed by the owner and the head of the political subdivision’s governmental unit’s governing body that shows the cost reduction measures, including time saving measures, undertaken by the political subdivision governmental unit on or after January 1, 2023 2015, that have reduced the cost of rental 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 owner and the estimated percentage reduction in rental housing costs.

AB50,2424 Section 2424. 234.661 (3) (b) 4. of the statutes is amended to read:

AB50,1220,22 234.661 (3) (b) 4. The eligible political subdivision governmental unit is in compliance with the requirements under ss. 66.1001, 66.10013, and 66.10014, to the extent those requirements apply to the political subdivision governmental unit.

AB50,2425 Section 2425. 234.661 (3) (b) 5. of the statutes is repealed.

AB50,2426 Section 2426. 234.661 (3) (c) of the statutes is amended to read:

AB50,1221,8 234.661 (3) (c) The authority shall establish a semiannual application process for the award of loans under this subsection. If in any application cycle there are insufficient moneys available in the main street housing rehabilitation revolving loan fund to fund all applications that meet the requirements under par. (b) and are otherwise acceptable to the authority, the authority shall prioritize funding loans for eligible projects in eligible political subdivisions governmental unit that have reduced the cost of rental housing as described in par. (b) 3. but with respect to the political subdivision governmental unit as a whole.

AB50,2427 Section 2427. 234.661 (3) (d) of the statutes is amended to read:

AB50,1221,14 234.661 (3) (d) No loan awarded under this subsection may exceed $20,000 $50,000 per dwelling unit or 25 33 percent of the total housing rehabilitation project costs, whichever is less, and the authority may establish an interest rate for any loan awarded under this subsection at or below the market interest rate or may charge no interest.