LRB-2427/1
CTS:jld:pg
2005 - 2006 LEGISLATURE
July 7, 2005 - Introduced by Representatives Wieckert, Pettis, Musser,
Ainsworth, McCormick, Hahn, Gunderson, Towns, Davis, Lothian, Nass,
Mursau, Ott, Albers, Hines, Owens, M. Williams and Ballweg, cosponsored
by Senator Leibham. Referred to Committee on Housing.
AB552,1,3
1An Act to amend 234.91 (5) (b) of the statutes;
relating to: limitations under
2the Wisconsin Housing and Economic Development Authority's Farm Assets
3Reinvestment Management Loan Guarantee Program.
Analysis by the Legislative Reference Bureau
The Wisconsin Housing and Economic Development Authority (WHEDA)
administers a number of housing and economic development programs. Under the
Farm Assets Reinvestment Management Loan Guarantee Program, WHEDA
guarantees loans to eligible farmers to finance the acquisition of agricultural
equipment, facilities, land, or livestock, or improvements to facilities or land.
Currently, the maximum term of a guarantee for a loan for improvements to facilities
or land is five years. This bill extends that maximum term to ten years.
Because this bill directly or substantially affects the development,
construction, cost or availability of housing in this state, the Department of
Commerce, as required by law, will prepare a report to be printed as an appendix to
this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB552, s. 1
4Section
1. 234.91 (5) (b) of the statutes is amended to read:
AB552,2,5
1234.91
(5) (b) The term of a loan guarantee for a loan made to finance the
2acquisition of machinery, equipment
, or livestock
, or the cost of improvements to
3facilities or land, may not exceed 5 years. The term of a loan guarantee for a loan
4made to finance the acquisition of
, or the cost of improvements to, facilities or land
5may not exceed 10 years.
AB552,2,87
(1) This act first applies to loan guarantees for which application is made on
8the effective date of this act.
