2013 - 2014 LEGISLATURE
April 18, 2013 - Introduced by Senators Farrow,
Cowles, Harris, Harsdorf, C.
Larson, Lazich, Lehman and L. Taylor, cosponsored by Representatives
Tranel, Petryk, Bernier, Bewley, Bies, Brooks, Honadel, Jacque, Jagler,
Loudenbeck, Marklein, Murphy, Murtha, Nass, Ohnstad, Ripp, Sanfelippo,
Stone, Tauchen, Thiesfeldt, Zepnick and A. Ott. Referred to Committee on
Insurance and Housing.
1An Act to create
234.59 (3) (e) 4. of the statutes; relating to: the homeownership
2mortgage loan program administered by the Wisconsin Housing and Economic
Analysis by the Legislative Reference Bureau
The Wisconsin Housing and Economic Development Authority (WHEDA)
administers a homeownership mortgage loan program to encourage homeownership
and to facilitate the acquisition of rehabilitation of certain residential properties.
Under the program, subject to certain limitations, WHEDA may, directly or by
contracting with an authorized lender, make, buy, or assume loans to finance the
construction, long-term financing, or rehabilitation of certain residential properties
(homeownership mortgage loans). One limitation is that, under current law,
homeownership mortgage loans may not be made to finance the purchase or
replacement of an existing mortgage unless the existing mortgage is a construction
loan, temporary financing, or a loan made to finance a rehabilitation project. Under
this bill, a homeownership mortgage loan may also be made to finance the purchase
or replacement of an existing mortgage if the existing mortgage is a loan funded or
serviced by WHEDA.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
234.59 (3) (e) 4. of the statutes is created to read:
(e) 4. A loan made to pay off a loan funded or serviced by the 3