AB809,2,83 234.01 (6) “Housing corporation" means a corporation organized under s.
4182.004 and whose articles of incorporation, in addition to other requirements of law,
5provide that: (a) If if the corporation receives any loan or advance from the authority
6under this chapter, it may enter into an agreement with the authority providing for
7regulation with respect to rents, profits, dividends, and disposition of property or
8franchises; and.
AB809,2 9Section 2. 234.01 (6) (b) of the statutes is repealed.
AB809,3 10Section 3. 234.01 (8) (intro.) and (a) of the statutes are consolidated,
11renumbered 234.01 (8) and amended to read:
AB809,3,6
1234.01 (8) “Limited-profit entity" means any person or trust which, in its
2whose articles of incorporation or comparable documents of organization, or by
3whose written agreement with the authority, provides that: (a) As, as a condition
4of acceptance of a loan or advance under this chapter, the limited-profit entity shall
5enter into an agreement with the authority providing for limitations of rents, profits,
6dividends, and disposition of property or franchises ; and.
AB809,4 7Section 4. 234.01 (8) (b) of the statutes is repealed.
AB809,5 8Section 5. 234.01 (9) (a) (intro.) of the statutes is amended to read:
AB809,3,119 234.01 (9) (a) (intro.) A nonprofit corporation incorporated under ch. 181 whose
10articles of incorporation, in addition to other requirements of law, provide that all of
11the following
:
AB809,6 12Section 6. 234.01 (9) (a) 1. of the statutes is amended to read:
AB809,3,1413 234.01 (9) (a) 1. The corporation has as its major purpose the providing of
14housing facilities for persons and families of low and moderate income ;.
AB809,7 15Section 7. 234.01 (9) (a) 2. of the statutes is amended to read:
AB809,3,1816 234.01 (9) (a) 2. All income and earnings of the corporation shall be used
17exclusively for corporation purposes and no part of the net income or net earnings
18of the corporation shall inure to the benefit or profit of any private person;.
AB809,8 19Section 8. 234.01 (9) (a) 3. of the statutes is amended to read:
AB809,3,2320 234.01 (9) (a) 3. The corporation is in no manner controlled or under the
21direction or acting in the substantial interest of private persons seeking to derive
22profit or gain therefrom or seeking to eliminate or minimize losses in any dealing or
23transactions therewith;.
AB809,9 24Section 9. 234.01 (9) (a) 4. of the statutes is amended to read:
AB809,4,4
1234.01 (9) (a) 4. If the corporation receives any loan or advance from the
2authority, it shall enter into an agreement with the authority, providing for
3limitations on rents, profits, dividends, and disposition of property or franchises;
4and
.
AB809,10 5Section 10. 234.01 (9) (a) 5. of the statutes is repealed.
AB809,11 6Section 11. 234.13 of the statutes is repealed.
AB809,12 7Section 12. 234.135 of the statutes is created to read:
AB809,4,11 8234.135 Same; purchase; cancellation. (1) The authority may purchase
9any notes or bonds of the authority. The authority may hold or sell, in whole or in
10part and separately or together with other notes or bonds of the authority, notes or
11bonds purchased under this subsection.
AB809,4,15 12(2) Subject to such agreements with noteholders or bondholders as may then
13exist, any notes or bonds purchased and held by the authority under sub. (1), may,
14upon the affirmative designation of the authority, be canceled, in whole or in part,
15at the time specified in the authority's designation.
AB809,13 16Section 13. 234.53 (2) of the statutes is amended to read:
AB809,4,2217 234.53 (2) The Except as provided in sub. (2m), the authority shall use moneys
18in the fund for the purpose of purchasing housing rehabilitation loans or for funding
19commitments for loans to lenders for housing rehabilitation loans. All
20disbursements of funds under this section subsection for purchasing such loans shall
21be made payable to an authorized lender as defined in s. 234.49 (1) (b) or a duly
22authorized agent thereof.
AB809,14 23Section 14. 234.53 (2m) of the statutes is created to read:
AB809,5,3
1234.53 (2m) The authority may use moneys in the fund for the purpose of
2funding or purchasing loans under any down payment assistance program
3established by the authority.
AB809,15 4Section 15. 234.55 (1) of the statutes is amended to read:
AB809,5,185 234.55 (1) The authority shall establish the housing rehabilitation loan
6program bond redemption fund. All housing rehabilitation loans purchased with
7moneys from the housing rehabilitation loan fund or notes evidencing loans to
8lenders from such fund for housing rehabilitation loans shall be the exclusive
9property of such redemption fund. All moneys received from the repayment of such
10loans, any amounts transferred by the authority to such fund pursuant to s. 234.52
11or from other funds or sources, any federal insurance or guarantee payments with
12respect to such loans, all moneys resulting from the sale of bonds for the purpose of
13refunding outstanding housing rehabilitation bonds unless credited to the housing
14rehabilitation loan program capital reserve fund, and any other moneys which may
15be available to the authority for the purpose of such fund, and all moneys received
16from the repayment of loans provided under s. 234.53 (2m)
shall be deposited into
17such fund to be used for the repayment of housing rehabilitation bonds issued under
18the authority of s. 234.50.
AB809,16 19Section 16. 234.59 (2) (f) of the statutes is created to read:
AB809,5,2220 234.59 (2) (f) May make a loan to a veteran, as defined in 38 USC 101 (2), who
21has not previously received a homeownership mortgage loan financed by bonds or
22notes issued under s. 234.60.
AB809,17 23Section 17. 234.59 (3) (bc) of the statutes is repealed.
AB809,18 24Section 18. 234.59 (3) (bd) of the statutes is created to read:
AB809,6,7
1234.59 (3) (bd) 1. To the extent required as a condition to maintaining the
2exclusion from gross income for federal income tax purposes of interest on bonds,
3notes, or other evidences of indebtedness issued by or on behalf of the authority, a
4homeownership mortgage loan under this section shall be made to an applicant
5whose income does not exceed the applicable level specified under 26 USC 143 (f).
6The authority shall determine an applicant's income in the manner specified under
726 USC 143 (f) and applicable rulings of the Internal Revenue Service.
AB809,6,118 2. Nothing under this section precludes the authority from imposing income
9limitations that are more restrictive than the income level determined in the manner
10specified under 26 USC 143 (f) and applicable rulings of the Internal Revenue
11Service.
AB809,19 12Section 19. 234.59 (3) (e) 3m. of the statutes is created to read:
AB809,6,1513 234.59 (3) (e) 3m. A homeownership mortgage loan made in part to finance the
14acquisition or replacement of an existing mortgage given by an applicant if all of the
15following apply:
AB809,6,1816 a. The eligible property is located in an area in a 1st class city in which the
17authority determines there is a high concentration of persons and families of low and
18moderate income.
AB809,6,2219 b. As determined by the authority, the total amount the applicant owes on the
20existing mortgage, including principal and interest, plus the amount required for
21repairs to the eligible property, exceeds the maximum amount the applicant is able
22to borrow from other lenders given the lenders' loan-to-value ratio requirements.
AB809,6,2423 c. A portion of the loan under this subdivision is used to finance qualified
24rehabilitation of the eligible property.
AB809,20 25Section 20. 234.60 (3) of the statutes is repealed.
AB809,21
1Section 21. 234.65 (1) (c) 2. of the statutes is amended to read:
AB809,7,232 234.65 (1) (c) 2. If, after the last day of the 3rd fiscal year that begins after April
320, 2012
before July 1, 2018, and before every 4th July 1 thereafter, the authority
4determines that a continuation of the program under this section will promote
5significant economic development in this state, the authority may seek approval
6from the joint committee on finance to issue additional bonds and notes under this
7section by submitting to the committee a written request that specifies an aggregate
8principal amount of requested issuance authority and
states the reasons supporting
9the authority's determination that the issuance of additional bonds and notes will
10promote significant economic development in this state. The written request may
11be made up to 60 days in advance of the applicable July 1.
If, within 14 working days
12after the date of that written request, the cochairpersons of the committee do not
13notify the authority that the committee has scheduled a meeting to review the
14authority's proposal to issue additional bonds and notes under this section, the
15authority may proceed to issue not more than $150,000,000 in aggregate principal
16bonds and notes under this section as proposed in the authority's written request,
17excluding bonds and notes issued to refund outstanding bonds or notes issued under
18this section, in each of the 3 consecutive fiscal years beginning with the fiscal year
19in which approval is obtained under this subdivision
. If, within 14 working days
20after the date of that written request, the cochairpersons of the committee notify the
21authority that the committee has scheduled a meeting to review the authority's
22proposal to issue additional bonds and notes under this section, the authority may
23issue bonds and notes under this section only upon approval of the committee.
AB809,7,2424 (End)
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