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.

AB50,2428 Section 2428. 234.661 (5) (b) 4. of the statutes is amended to read:

AB50,1221,17 234.661 (5) (b) 4. An identification of the eligible political subdivision governmental unit with respect to which the loan was awarded.

AB50,2429 Section 2429. 234.662 (1) (c) of the statutes is renumbered 234.662 (1) (c) (intro.) and amended to read:

AB50,1221,22 234.662 (1) (c) (intro.) “Developer” means a person other than a city, village, town, or county, that converts a vacant commercial building to residential use. and that is any of the following:

AB50,2430 Section 2430. 234.662 (1) (c) 1. of the statutes is created to read:

AB50,1221,24 234.662 (1) (c) 1. A person other than a city, village, town, or county.

AB50,2431 Section 2431. 234.662 (1) (c) 2. of the statutes is created to read:

AB50,1222,2 234.662 (1) (c) 2. A tribal housing authority created by a tribal council.

AB50,2432 Section 2432. 234.662 (1) (d) of the statutes is amended to read:

AB50,1222,6 234.662 (1) (d) “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.

AB50,2433 Section 2433. 234.662 (1) (e) 3. of the statutes is repealed.

AB50,2434 Section 2434. 234.662 (1) (e) 4. of the statutes is repealed.

AB50,2435 Section 2435. 234.662 (1) (em) of the statutes is created to read:

AB50,1222,11 234.662 (1) (em) “Governmental unit” means a city, village, town, county, or federally recognized American Indian tribe or band in this state.

AB50,2436 Section 2436. 234.662 (1) (f) of the statutes is renumbered 234.662 (1) (f) (intro.) and amended to read:

AB50,1222,15 234.662 (1) (f) (intro.) “Residential housing” means single-family or multifamily housing for rent or sale that to which any of the following applies:

AB50,1222,16 1. The housing is subject to taxation under ch. 70.

AB50,2437 Section 2437. 234.662 (1) (f) 2. of the statutes is created to read:

AB50,1222,20 234.662 (1) (f) 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 trust lands, as defined in s. 165.92 (1) (d).

AB50,2438 Section 2438. 234.662 (1) (g) of the statutes is amended to read:

AB50,1222,23 234.662 (1) (g) “Residential housing development” means residential housing that consists of 16 6 or more dwelling units.

AB50,2439 Section 2439. 234.662 (3) (b) (intro.) of the statutes is amended to read:

AB50,1223,8 234.662 (3) (b) (intro.) From the commercial-to-housing conversion revolving loan fund, the authority may award loans to developers to cover construction costs for an eligible project, including demolition. Any developer 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 developer and the 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:

AB50,2440 Section 2440. 234.662 (3) (b) 3. of the statutes is amended to read:

AB50,1224,2 234.662 (3) (b) 3. The eligible political subdivision 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 political subdivision 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 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 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.