AB265,,112023 ASSEMBLY BILL 265
May 16, 2023 - Introduced by Representatives Hurd, Brooks, Emerson, Snyder, Steffen, Rozar, Allen, C. Anderson, Behnke, Brandtjen, Dittrich, Donovan, Doyle, Duchow, Edming, Green, Gundrum, Joers, Kitchens, Murphy, O’Connor, Ortiz-Velez, Penterman, Petryk, Plumer, Rettinger, Schmidt, Schraa, Shankland, Sinicki, Swearingen, Wichgers and Krug, cosponsored by Senators Jagler, Quinn, Feyen, Jacque, Stroebel and Stafsholt. Referred to Committee on Housing and Real Estate.
AB265,,22An Act to create 234.661 of the statutes; relating to: a main street housing rehabilitation revolving loan fund and loan program.
AB265,,33Analysis by the Legislative Reference Bureau
This bill establishes a main street housing rehabilitation revolving loan fund under the jurisdiction and control of the Wisconsin Housing and Economic Development Authority. The purpose of the fund is for WHEDA to award loans as provided in the bill to owners of rental housing for eligible projects. A project is eligible under the bill if it is for housing rehabilitation of single-family or multifamily rental housing to which all of the following apply:
1. Is located on the second or third floor of an existing two- or three-story building with a commercial use on the main floor, if the space in the building that is devoted to a commercial use constitutes no more than two-thirds of the building’s gross square footage.
2. Was constructed at least 40 years prior to the loan application.
3. Has not been significantly improved for at least 30 years prior to the loan application.
4. Is vacant or has been underutilized.
5. Constitutes workforce housing. The bill defines workforce housing based on the ratio of housing costs and the ratio of household income to the area median income of the county in which the rental housing is located, adjusted for family size, as published annually by the federal Department of Housing and Urban Development.