AB267,,112023 ASSEMBLY BILL 267
May 16, 2023 - Introduced by Representatives Penterman, Brooks, Emerson, Rozar, C. Anderson, Brandtjen, Dittrich, Donovan, Duchow, Edming, Green, Gundrum, Joers, Kitchens, Murphy, O’Connor, Ortiz-Velez, Petryk, Plumer, Rettinger, Schraa, Shankland, Sinicki, Swearingen, Snyder, Tranel, Wichgers and Krug, cosponsored by Senators Stroebel, Quinn, Jacque, Cabral-Guevara and Jagler. Referred to Committee on Housing and Real Estate.
AB267,,22An Act to amend 234.045 (1) (intro.), 234.045 (1) (a), 234.045 (2) (a) 2., 234.045 (2) (a) 3., 234.045 (2) (b), 234.53 (2), 234.53 (2m), 234.53 (4) and 234.53 (5); and to create 234.045 (2) (a) 4. to 6. and 234.53 (1m) of the statutes; relating to: housing rehabilitation loans awarded by the Wisconsin Housing and Economic Development Authority.
AB267,,33Analysis by the Legislative Reference Bureau
Current law authorizes the Wisconsin Housing and Economic Development Authority to make low-interest or no-interest loans from WHEDA’s housing rehabilitation loan fund for the rehabilitation of certain residential properties if the rehabilitation consists of certain structural improvements or the removal of lead paint. Specifically, the authority may make such a loan to a loan applicant if all of the following apply:
1. The applicant’s household annual income does not exceed 120 percent of the area median family income for the county in which the housing is located.
2. The applicant’s home is a single-family residence that the applicant occupies and that was constructed before 1980.
3. The applicant agrees to repay the loan, including all interest, upon the applicant selling or otherwise transferring title to the residence to another person or upon the applicant and his or her family vacating the residence.
Also, under current law, the housing rehabilitation loan fund consists of amounts credited to the fund from WHEDA’s issuance of bonds.
Under this bill, all moneys appropriated to WHEDA for the housing rehabilitation loan fund during the 2023-25 fiscal biennium are credited to that fund and must be used for the housing rehabilitation loans described above, except that the bill makes a number of changes to that housing rehabilitation loan program, including the following: