SB269, s. 18
3Section
18. 234.50 (4) of the statutes is amended to read:
SB269,8,104
234.50
(4) The limitations established in ss. 234.18
(1), 234.40, 234.60, 234.61,
5234.65
, and 234.66 are not applicable to bonds issued under the authority of this
6section. The authority may not have outstanding at any one time bonds for housing
7rehabilitation loans in an aggregate principal amount exceeding $100,000,000,
8excluding bonds being issued to refund outstanding bonds. The authority shall
9consult with and coordinate the issuance of bonds with the building commission prior
10to the issuance of bonds.
SB269, s. 19
11Section
19. 234.59 (1) (d) 4. of the statutes is amended to read:
SB269,8,1412
234.59
(1) (d) 4. A residential structure having 2 dwelling units, if one of the
13units will be the principal residence of an applicant
and if the structure is a new
14dwelling and a targeted area residence.
SB269, s. 20
15Section
20. 234.59 (1) (g) of the statutes is repealed.
SB269, s. 21
16Section
21. 234.59 (3) (a) of the statutes is repealed.
SB269, s. 22
17Section
22. 234.59 (3) (b) 1. of the statutes is renumbered 234.59 (3) (bc), and
18234.59 (3) (bc) 1., as renumbered, is amended to read:
SB269,9,219
234.59
(3) (bc) 1. Except as provided in subd.
1. c. 3., a homeownership
20mortgage loan may not be made to an applicant if the applicant's income
combined,
21except as provided in subd. 1. b., with the income from all sources of all persons who
22intend to occupy the same dwelling unit as that applicant, exceeds 110% of the
23median income of the county where the eligible property is located if the eligible
24property is not a targeted area residence or exceeds 140% of the median income of
1the county where the eligible property is located if the eligible property is a targeted
2area residence exceeds the applicable level specified under 26 USC 143 (f).
SB269, s. 23
3Section
23. 234.59 (3) (b) 2. of the statutes is repealed.
SB269, s. 24
4Section
24. 234.59 (3) (e) of the statutes is renumbered 234.59 (3) (d).
SB269, s. 25
5Section
25. 234.60 (2) of the statutes is amended to read:
SB269,9,76
234.60
(2) The limitations in ss. 234.18
(1), 234.40, 234.50, 234.61, 234.65
, and
7234.66 do not apply to bonds or notes issued under this section.
SB269, s. 26
8Section
26. 234.61 (1) of the statutes is amended to read:
SB269,9,169
234.61
(1) Upon the authorization of the department of health and family
10services, the authority may issue bonds or notes and make loans for the financing of
11housing projects which are residential facilities as defined in s. 46.28 (1) (d) and the
12development costs of those housing projects, if the department of health and family
13services has approved the residential facilities for financing under s. 46.28 (2). The
14limitations in ss. 234.18
(1), 234.40, 234.50, 234.60, 234.65
, and 234.66 do not apply
15to bonds or notes issued under this section. The definition of "nonprofit corporation"
16in s. 234.01 (9) does not apply to this section.
SB269, s. 27
17Section
27. 234.65 (1) (b) of the statutes is amended to read:
SB269,9,1918
234.65
(1) (b) The limits in ss. 234.18
(1), 234.40, 234.50, 234.60, 234.61
, and
19234.66 do not apply to bonds or notes issued under this section.
SB269, s. 28
20Section
28. 234.66 (3) (b) of the statutes is amended to read:
SB269,9,2221
234.66
(3) (b) The limits in ss. 234.18
(1), 234.40, 234.50, 234.60, 234.61
, and
22234.65 do not apply to bonds or notes issued under this section.
SB269, s. 29
23Section
29. 234.83 (3) (b) of the statutes is amended to read:
SB269,9,2524
234.83
(3) (b) Loan proceeds are not used to refinance existing debt or for
25entertainment expenses, expenses related to the production of an agricultural
1commodity, as defined in s. 94.67 (2), or expenses related to a community-based
2residential facility
, except that loan proceeds may be used to refinance existing debt
3if the borrower also expands an existing business.
SB269, s. 30
4Section
30. 234.83 (3) (e) of the statutes is repealed.
SB269, s. 31
5Section
31. 234.91 (5) (b) of the statutes is amended to read:
SB269,10,106
234.91
(5) (b) The term of a loan guarantee
for a loan made to finance the
7acquisition of machinery, equipment or livestock, or the cost of improvements to
8facilities or land, may not exceed 5 years. The term of a loan guarantee for a loan
9made to finance the acquisition of facilities or land under this section may not exceed
1010 years.
SB269,10,1512
(1)
Housing rehabilitation loans. The treatment of sections 234.01 (7m) and
13234.49 (1) (c) 2., (d) (intro.), 2., 4., and 6., (e) (intro.), 1., and 2., (f) (intro.) and 2., and
14(g) of the statutes first applies to housing rehabilitation loans for which application
15is made on the effective date of this subsection.
SB269,10,1816
(2)
Bonding limit. The repeal of section 234.18 (3) of the statutes and the
17renumbering and amendment of section 234.18 (1) of the statutes first apply to notes
18and bonds issued on the effective date of this subsection.
SB269,10,2119
(3)
Homeownership mortgage loans. The treatment of section 234.59 (1) (d)
204. and (3) (a) and (b) 1. and 2. of the statutes first applies to homeownership mortgage
21loans for which application is made on the effective date of this subsection.
SB269,10,2422
(4)
Small business development loan guarantee program. The treatment of
23section 234.83 (3) (b) and (e) of the statutes first applies to loan guarantees for which
24application is made on the effective date of this subsection.
SB269,11,3
1(5)
Farm assets reinvestment management loan guarantee program. The
2treatment of section 234.91 (5) (b) of the statutes first applies to loan guarantees for
3which application is made on the effective date of this act.