234.55(4)
(4) Moneys of the fund may be invested as provided in
s. 234.03 (18). All such investments shall be the exclusive property of the fund. All earnings on or income from such investments shall be credited to the fund.
234.55 History
History: 1977 c. 418;
1985 a. 29 s.
3200 (28).
234.59
234.59
Homeownership mortgage loan program. 234.59(1)(a)
(a) "Authorized lender" means a bank, savings bank, savings and loan association, credit union or mortgage banker.
234.59(1)(d)
(d) "Eligible property" means any of the following:
234.59(1)(d)1.
1. A residential structure having a single dwelling unit, if the structure is or will be the principal residence of an applicant.
234.59(1)(d)2.
2. A residential structure having no more than 4 dwelling units, if one of the units is or will be the principal residence of an applicant and the structure is an existing dwelling first occupied at least 5 years before execution of a homeownership mortgage loan secured by the dwelling.
234.59(1)(d)3.
3. A dwelling unit in a condominium or cooperative, together with an interest in common areas, if the unit is or will be the principal residence of an applicant.
234.59(1)(d)4.
4. A residential structure having 2 dwelling units, if one of the units will be the principal residence of an applicant and if the structure is a new dwelling and a targeted area residence.
234.59(1)(e)
(e) "Existing dwelling" means a previously occupied dwelling.
234.59(1)(f)
(f) "Homeownership mortgage loan" means a loan to finance the construction, long-term financing or qualified rehabilitation of an eligible property by an applicant.
234.59(1)(g)
(g) "Median income" means median family income as determined by the U.S. department of housing and urban development.
234.59(1)(h)
(h) "Mortgage banker" means a mortgage banker registered under
s. 224.72, but does not include a person licensed under
s. 138.09.
234.59(1)(i)
(i) "New dwelling" means a dwelling which has never been occupied.
234.59(1)(j)
(j) "Principal residence" means an eligible property in this state which an applicant maintains as a full-time residence, but does not use as a vacation home or for trade or business purposes.
234.59(2)
(2) Powers and duties of the authority. The authority shall establish and administer a homeownership mortgage loan program to encourage and to facilitate the acquisition or rehabilitation of eligible property by applicants. To implement the program, the authority:
234.59(2)(a)
(a) May enter into contracts permitting an authorized lender to make or service homeownership mortgage loans or both.
234.59(2)(c)
(c) Shall maintain a current list of authorized lenders.
234.59(2)(e)
(e) May enter into agreements to insure or provide additional security for homeownership mortgage loans or bonds or notes issued under
s. 234.60.
234.59(3)(a)(a) The amount of a homeownership mortgage loan may not exceed the lesser of 97% of the purchase price or 97% of the appraised value of the eligible property.
234.59(3)(b)1.a.a. Except as provided in
subd. 1. c., a homeownership mortgage loan may not be made to an applicant if the applicant's income combined, except as provided in
subd. 1. b., with the income from all sources of all persons who intend to occupy the same dwelling unit as that applicant, exceeds 110% of the median income of the county where the eligible property is located if the eligible property is not a targeted area residence or exceeds 140% of the median income of the county where the eligible property is located if the eligible property is a targeted area residence.
234.59(3)(b)1.b.
b. For the purpose of
subd. 1., no earned income of any minor who will occupy the same dwelling unit as the applicant may be considered.
234.59(3)(b)1.c.
c. If the authority sets aside at least 20% of the proceeds of a bond or note issuance under
s. 234.60 to fund homeownership mortgage loans for eligible properties that are targeted area residences, the authority may apply up to 33% of the proceeds that are set aside for that purpose without regard to the income of the applicant.
234.59(3)(b)2.
2. If the number of persons intending to occupy an eligible property consists of more or less than 4 persons, the authority may increase the percentage given under
subd. 1. a. by not more than 5% for each person more than 4, or decrease that percentage by not more than 5% for each person less than 4.
234.59(3)(c)
(c) The authority shall notify an eligible lender if it receives a certification under
s. 49.855 (7) that a person is delinquent in child support or maintenance payments or owes past support, medical expenses or birth expenses. An eligible lender may not make a loan to an applicant if it receives notification under this paragraph concerning the applicant.
234.59(3)(e)
(e) A homeownership mortgage loan may not be made to finance the acquisition or replacement of an existing mortgage given by an applicant. This paragraph does not apply to any of the following:
234.60
234.60
Bonds for homeownership mortgage loans. 234.60(1)(1) The authority may issue its bonds or notes to fund homeownership mortgage loans.
234.60(3)(a)(a) The authority may not have outstanding at any time in aggregate principal amount of bonds or notes issued under this section before January 1, 1983 more than $150,000,000 less not more than $50,000,000 in aggregate principal amount of revenue obligations issued subject to
s. 45.79 (6) (c) on or after May 8, 1982 and before November 1, 1982.
234.60(3)(b)
(b) The authority may not have outstanding at any time in aggregate principal amount of bonds or notes issued under this section from January 1, 1983, to December 31, 1983, more than $185,000,000 less not more than $50,000,000 in aggregate principal amount of revenue obligations issued subject to
s. 45.79 (6) (c) from January 1, 1983, to October 31, 1983.
234.60(3)(bs)
(bs) The authority may not issue in 1987 bonds or notes the aggregate principal amount of which exceeds the greater of the following:
234.60(3)(bs)1.
1. An amount equal to 8.55% of the average annual aggregate principal amount of mortgages executed during the 3 years preceding the year of issuance for single-unit, owner-occupied dwellings in this state.
234.60(3)(c)
(c) The limitations in
pars. (a) and
(b) do not include bonds or notes issued to refund outstanding bonds or notes issued under this section. "Principal amount" as used in
pars. (a) and
(b) means the issue price, as defined in
26 USC 1232 (b) (2) as amended to November 17, 1983.
234.60(4)
(4) Before issuing bonds or notes under this section, the authority shall consult and coordinate the bond or note issue with the building commission.
234.60(5)(a)(a) The secretary of administration shall determine the date after which no bond or note issued may be treated as a qualified mortgage bond under
26 USC 143 (a) (1).
234.60(5)(b)
(b) No bonds or notes may be issued under this section after the date determined under
par. (a), except bonds or notes issued to refund outstanding bonds or notes issued under this section.
234.60(9)
(9) The executive director of the authority shall make every effort to encourage participation in the homeownership mortgage loan program by women and minorities.
234.60 Note
NOTE:
Chapter 349, laws of 1981, which created this section, has a lengthy "Legislative declaration" in section 1.
234.61
234.61
Bonds for residential facilities for the elderly or chronically disabled. 234.61(1)
(1) Upon the authorization of the department of health and family services, the authority may issue bonds or notes and make loans for the financing of housing projects which are residential facilities as defined in
s. 46.28 (1) (d) and the development costs of those housing projects, if the department of health and family services has approved the residential facilities for financing under
s. 46.28 (2). The limitations in
ss. 234.18 (1),
234.40,
234.50,
234.60,
234.65 and
234.66 do not apply to bonds or notes issued under this section. The definition of "nonprofit corporation" in
s. 234.01 (9) does not apply to this section.
234.61(2)(a)(a) The aggregate amount of outstanding bonds or notes issued under this subsection may not exceed $99,400,000.
234.61(2)(b)
(b) Of the amount specified in
par. (a), $30,000,000 may only be used to finance residential facilities serving 15 or fewer persons who are chronically disabled, as defined in
s. 46.28 (1) (b).
234.61(2)(c)1.1. Of the amount specified in
par. (a), $48,580,000 may only be used to finance residential facilities with 100 or fewer units for elderly persons, as defined in
s. 46.28 (1) (c) or to finance additional residential facilities serving 15 or fewer persons who are chronically disabled.
234.61(2)(c)2.
2. The remainder of the amount specified in
par. (a) may only be used to finance residential facilities with 50 or fewer units for elderly persons, as defined in
s. 46.28 (1) (c), or to finance additional residential facilities serving 15 or fewer persons who are chronically disabled.
234.61(2)(c)3.
3. At least 20% of the units in any residential facility serving elderly persons for which bonds or notes are issued under this paragraph shall be reserved for low-income elderly persons.
234.61(3)
(3) The authority is not required to issue bonds or notes under this section to finance residential facilities for persons and families of low and moderate income.
234.621
234.621
Property tax deferral loans; purpose. The legislature finds that older individuals who have resided in their homes for a substantial period of time have found it difficult to remain in their own homes because their incomes are insufficient to cover property taxes, which have risen as the value of their homes has increased. The legislature finds that it is in the public interest and that it serves a statewide public purpose to create a program whereby lien-creating loans are made to low- and moderate-income elderly homeowners for the purpose, and only for the purpose, of enabling individuals to pay local, general property taxes and special assessments on their homes so that more of these individuals can remain in their homes.
234.621 History
History: 1981 c. 20,
317;
1991 a. 269 s.
510s; Stats. 1991 s. 16.993;
1993 a. 16 s.
130b; Stats. 1993 s. 234.621.
234.622(1)
(1) "Coowner" means a natural person who, at the time of the initial application has an ownership interest in the qualifying dwelling unit of a participant in the program and fulfills one of the following requirements:
234.622(1)(a)
(a) Is the participant's spouse and a physician certifies that the participant or the coowner is permanently disabled.
234.622(2m)
(2m) "Executive director" means the executive director of the authority.
234.622(3)
(3) "Free and clear" means that rights to transfer full title to the qualifying dwelling unit after satisfaction of permitted obligations are vested in the participant and coowners.
234.622(3m)
(3m) "Ownership interest" includes being a spouse of a participant.
234.622(4)
(4) "Participant" means a natural person 65 years of age or older who has been accepted into the program.
234.622(5)
(5) "Permitted obligations" means the total amount of outstanding liens and judgments on the qualifying dwelling unit if that amount does not exceed 33% of the value of the unit as determined by the most recent assessment for property tax purposes. For purposes of
ss. 234.621 to
234.626, housing and rehabilitation loans under
s. 234.49 and liens arising under
ss. 234.621 to
234.626 shall not be considered outstanding liens or judgments in computing the amount of permitted obligations.
234.622(7)
(7) "Qualifying dwelling unit" means a dwelling unit, not including a mobile home as defined in
s. 66.058, located in this state, habitable as a permanent residence and to which property taxes or special assessments are, or may conveniently be, allocated and up to one acre of land appertaining to it held in the same ownership as the dwelling unit. For purposes of
ss. 234.621 to
234.626, "qualifying dwelling unit" includes a unit in a condominium or in a cooperative or in a multi-unit dwelling with 4 or fewer units, but in all of these 3 cases only the portion of taxes or special assessments allocable to the unit lived in by the participant may qualify for loans under
ss. 234.621 to
234.626.
234.622 History
History: 1981 c. 20,
317;
1985 a. 29 s.
3202 (14) (c);
1987 a. 29;
1991 a. 269 ss.
510t to
510ue; Stats. 1991 s. 16.994;
1993 a. 16 ss.
130e,
3051k; Stats. 1993 s. 234.622;
1997 a. 27.
234.623
234.623
Eligibility. The authority shall make loans to participants who:
234.623(1)
(1) Apply on forms prescribed by the authority for a loan to pay property taxes or special assessments by June 30 of the year in which the taxes or special assessments are payable on a qualifying dwelling unit and, except as provided in
s. 234.625 (5), specify the names of all coowners;
234.623(2)
(2) Reside in the qualifying dwelling unit more than 6 months of the year preceding each year of participation, but temporary residency in a health care facility may be substituted for any portion of this 6-month residency;
234.623(3)
(3) Keep continuously in effect during the period that a loan is outstanding under
ss. 234.621 to
234.626 a fire and extended casualty insurance policy on the qualifying dwelling unit satisfactory to the authority and permit the authority to be named on the policy as a lienholder; and
234.623(4)
(4) Either individually or with other coowners own the qualifying dwelling unit free and clear. If the qualifying dwelling unit is owned with coowners, each of these persons must approve the application under
sub. (1).
234.623(5)
(5) Earned no more than $20,000 in income, as defined under
s. 71.52 (5), in the year prior to the year in which the property taxes or special assessments for which the loan is made are due.
234.624
234.624
Transfer of interest. If a participant ceases to reside in a qualifying dwelling unit, or if the participant's total ownership interest in the qualifying dwelling unit is transferred to one or more coowners in that unit, or if both of these events occur, a coowner may assume the participant's account by applying to the authority if the coowner resides in the qualified dwelling unit. Upon approval of the application, and if the coowner is 65 years of age or older, the coowner shall become a participant in the program and shall qualify for program loans. A coowner who has not attained the age of 65 at the time of application under this section may assume the account of a participant but shall not become a participant or qualify for program loans until the coowner attains the age of 65.
234.624 History
History: 1981 c. 20,
317;
1991 a. 269 s.
510ug; Stats. 1991 s. 16.9955;
1993 a. 16 s.
130j; Stats. 1993 s. 234.624.
234.625(1)(1) The authority shall enter into agreements with participants and their coowners to loan funds to pay property taxes and special assessments on their qualifying dwelling units. The maximum loan under
ss. 234.621 to
234.626 in any one year is limited to the lesser of $2,500 or the amount obtained by adding the property taxes levied on the qualifying dwelling unit for the year for which the loan is sought, the special assessments levied on the dwelling unit, and the interest and penalties for delinquency attributable to the property taxes or special assessments. Loans shall bear interest at a rate equal to the prime lending rate at the time the rate is set, as reported by the federal reserve board in federal reserve statistical release H. 15, plus 1%. The executive director shall set the rate no later than October 15 of each year, and that rate shall apply to loans made in the following year.
234.625(2)
(2) The authority shall have all powers under
s. 234.03 that are necessary or convenient to the operation of a loan program, including, without limitation because of enumeration, the power to enter into contracts, to pay or be paid for the performance of services, to exercise all rights of a lienholder under
subch. I of ch. 779 and to perform other administrative actions that are necessary in the conduct of its duties under
ss. 234.621 to
234.626.
