234.49 Housing rehabilitation.
234.50 Bonds for housing rehabilitation loans; issuance; status.
234.51 Housing rehabilitation loan program administration fund; establishment and use.
234.52 Housing rehabilitation loan program loan-loss reserve fund; establishment and use.
234.53 Housing rehabilitation loan fund.
234.54 Housing rehabilitation loan program capital reserve fund.
234.55 Housing rehabilitation loan program bond redemption fund.
234.59 Homeownership mortgage loan program.
234.592 Qualified subprime loan refinancing.
234.60 Bonds for homeownership mortgage loans and qualified subprime loan refinancing.
234.605 Homeowner eviction and lien protection program.
234.61 Bonds for residential facilities for the elderly or chronically disabled.
234.621 Property tax deferral loans; purpose.
234.624 Transfer of interest.
234.625 Program operation.
234.65 Economic development.
SUBCHAPTER II
LOAN GUARANTEE PROGRAMS
234.67 Recycling loan guarantees.
234.75 Public affairs network loan guarantee program.
234.83 Small business development loan guarantee program.
234.84 Job training loan guarantee program.
234.86 Drinking water loan guarantee program.
234.88 Emergency heating assistance loan guarantees.
234.90 Agricultural production loan guarantees.
234.905 Agricultural production drought assistance loan guarantees.
234.907 Agricultural development loan guarantee program.
234.91 Farm assets reinvestment management loan guarantee program.
234.92 Financial assistance; fees.
234.93 Wisconsin development reserve fund.
234.932 Wisconsin job training reserve fund.
234.933 Wisconsin drinking water reserve fund.
SUBCHAPTER III
COMMUNITY DEVELOPMENT FINANCE COMPANY
234.95 Community development finance company.
234.96 Community development project participation.
234.97 Sale or purchase of stock or interest.
234.98 Transferred assets.
GENERAL PROVISIONS; HOUSING AND ECONOMIC DEVELOPMENT PROGRAMS
234.01
234.01
Definitions. In this chapter:
234.01(1)
(1) "Authority" means the Wisconsin Housing and Economic Development Authority.
234.01(2)
(2) "Authority cost" means any costs incurred by the authority in carrying out and administering any of its powers, duties and functions including, but not limited to, costs of financing by the authority, service charges, insurance premiums and administrative and operating costs of the authority.
234.01(3)
(3) "Business incubator" means a facility designed to encourage the growth of new businesses, if at least 2 of the following apply:
234.01(3)(a)
(a) Space in the facility is rented at a rate lower than the market rate in the community.
234.01(3)(b)
(b) Shared business services are provided in the facility.
234.01(3)(c)
(c) Management and technical assistance are available at the facility.
234.01(3)(d)
(d) Businesses using the facility may obtain financial capital through a direct relationship with at least one financial institution.
234.01(3m)
(3m) "Collateral" means a 3rd-party note, mortgage, guaranty, insurance policy, bond, letter of credit, security agreement or other instrument securing the repayment of an economic development loan or a mortgage loan.
234.01(4)
(4) "Development costs" mean the costs which have been approved by the authority as appropriate expenditures including but not limited to:
234.01(4)(a)
(a) Payments for options to purchase properties on the proposed housing project site, deposits on contracts of purchase, or with the prior approval of the authority, payments for the purchase of such properties;
234.01(4)(b)
(b) Legal, organizational and marketing expenses, including payment of attorney fees, project manager and clerical staff salaries, office rent, and other incidental expenses;
234.01(4)(c)
(c) Payment of fees and preliminary feasibility studies and advances for planning, engineering and architectural work;
234.01(4)(d)
(d) Expenses for surveys as to need and market analyses;
234.01(4)(e)
(e) Necessary application and other fees to federal and other government agencies; and
234.01(4)(f)
(f) Such other expenses incurred by the eligible sponsor as the authority deems appropriate to effectuate the purposes of this chapter.
234.01(4m)
(4m) "Economic development loan" means an advance of moneys, supported by a written promise of repayment, to finance an economic development project.
234.01(4n)
(4n) "Economic development project" means any of the following:
234.01(4n)(a)
(a) Land, plant or equipment for any of the following:
234.01(4n)(a)1.
1. Facilities for manufacturing or commercial real estate activities.
234.01(4n)(a)3.
3. Facilities for the storage or distribution of products of manufacturing activities, materials, components, or equipment.
234.01(4n)(a)5.
5. Recreational and tourism facilities serving to attract visitors to this state.
234.01(4n)(a)6.
6. Facilities for the production, packaging, processing or distribution of raw agricultural commodities.
234.01(4n)(a)7.
7. Facilities for engaging in the business of operating a railroad.
234.01(4n)(b)
(b) Activities of a long-term nature, such as research and development or long-term working capital.
234.01(4n)(c)
(c) Equipment, materials or labor used to make an energy-conserving improvement to a commercial or industrial facility.
234.01(5)
(5) "Eligible sponsor" means any housing corporation, limited-profit entity or nonprofit corporation or any other entity meeting criteria established by the authority and which is organized to provide housing for persons and families of low and moderate income.
234.01(5k)
(5k) "Financial institution" means a bank, savings bank, savings and loan association, credit union, insurance company, finance company, mortgage banker licensed under
s. 224.72, community development corporation, small business investment corporation, pension fund or other lender which provides commercial loans in this state.
234.01(6)
(6) "Housing corporation" means a corporation organized under
s. 182.004 and whose articles of incorporation, in addition to other requirements of law, provide that:
234.01(6)(a)
(a) If the corporation receives any loan or advance from the authority under this chapter, it may enter into an agreement with the authority providing for regulation with respect to rents, profits, dividends and disposition of property or franchises; and
234.01(6)(b)
(b) If the corporation receives a loan or advance under this chapter, the chairperson of the authority, acting with the prior approval of the majority of the members of the authority, may, if he or she determines that any such loan or advance is in jeopardy of not being repaid, that the proposed development for which such loan or advance was made is in jeopardy of not being constructed or that the corporation is not carrying out the intent and purposes of this chapter, appoint to the board of directors of such corporation a number of new directors, which number shall be sufficient to constitute a majority of such board, notwithstanding any other provision of such articles of incorporation or of any other provision of law.
234.01(7)
(7) "Housing project" means a specific work or improvement within this state undertaken primarily to provide dwelling accommodations, including land development and the acquisition, construction or rehabilitation of buildings and improvements thereto, for residential housing, and such other nonhousing facilities as may be determined by the authority to be either necessary for the economic viability thereof, required by law or by a master plan, or incidental or appurtenant thereto.
234.01(8)
(8) "Limited-profit entity" means any person or trust which, in its articles of incorporation or comparable documents of organization, or by written agreement with the authority, provides that:
234.01(8)(a)
(a) As a condition of acceptance of a loan or advance under this chapter, the limited-profit entity shall enter into an agreement with the authority providing for limitations of rents, profits, dividends and disposition of property or franchises; and
234.01(8)(b)
(b) If the limited-profit entity receives a loan or advance under this chapter, the chairperson of the authority, acting with the prior approval of the majority of members of the authority, may, if he or she determines that any such loan or advance is in jeopardy of not being repaid, that the proposed development for which such loan or advance was made is in jeopardy of not being constructed or that the limited-profit entity is otherwise not carrying out the intent and purposes of this chapter, appoint to the board of directors or other comparable controlling body of such limited-profit entity a number of new directors or persons, which number shall be sufficient to constitute a voting majority of such board or controlling body, notwithstanding any other provisions of the limited-profit entity's articles of incorporation or other documents of organization, or of any other provisions of law.
234.01(9)(a)
(a) A nonprofit corporation incorporated under
ch. 181 whose articles of incorporation, in addition to other requirements of law, provide that:
234.01(9)(a)1.
1. The corporation has as its major purpose the providing of housing facilities for persons and families of low and moderate income;
