AB902: Bill Text

AB902, s. 7 Section 7. 234.49 (1) (c) 2. of the statutes is amended to read:

AB902,4,14 234.49 (1) (c) 2. A family who or which falls within the income limits specified in par. (f) (fm).

AB902, s. 8 Section 8. 234.49 (1) (d) (intro.) of the statutes is renumbered 234.49 (1) (d) and amended to read:

AB902,4,21 234.49 (1) (d) "Eligible rehabilitation" means additions, alterations, or repairs of to housing to maintain it in a decent, safe, and sanitary condition or to restore it to that condition, to reduce the cost of owning or occupying dwelling units, to conserve energy, and to extend the economic or physical life of structures, but does not include any of the following: decks or patios.

AB902, s. 9 Section 9. 234.49 (1) (d) 2. of the statutes is repealed.

AB902, s. 10 Section 10. 234.49 (1) (d) 4. of the statutes is repealed.

AB902, s. 11 Section 11. 234.49 (1) (d) 6. of the statutes is repealed.

AB902, s. 12 Section 12. 234.49 (1) (e) (intro.) and 2. of the statutes are consolidated, renumbered 234.49 (1) (e) and amended to read:

AB902,5,8 234.49 (1) (e) "Housing" means a residential structure having not more than 4 dwelling units in which at least one unit is occupied by the owner as a principal residence and: 2. The, if a housing rehabilitation loan is granted for the property to implement energy conservation improvements, the structure is not subject to rules adopted under s. 101.63, 101.73, or 101.973, if a housing rehabilitation loan is granted for the property to implement energy conservation improvements.

AB902, s. 13 Section 13. 234.49 (1) (e) 1. of the statutes is repealed.

AB902, s. 14 Section 14. 234.49 (1) (f) (intro.) of the statutes is renumbered 234.49 (1) (f) and amended to read:

AB902,5,18 234.49 (1) (f) "Housing rehabilitation loan" means a loan to finance eligible rehabilitation or a property tax deferral loan. The maximum amount of a housing rehabilitation loan, except a property tax deferral loan, is $17,500. The term of any housing rehabilitation loan, except a property tax deferral loan, the repayment of which is made in monthly or other periodic installments, may not exceed 15 years. Housing rehabilitation loans, except property tax deferral loans, include: low interest loans.

AB902, s. 15 Section 15. 234.49 (1) (f) 2. of the statutes is renumbered 234.49 (1) (fm) and amended to read:

AB902,6,7 234.49 (1) (fm) "Low interest loans" which are means loans that meet or exceed the rate of interest required to pay the costs incurred by the authority for making and servicing such loans, but do not exceed the rate of interest specified in sub. (2) (a) 6. No low interest or other loan may be made to a person or family whose income exceeds 120% of the median income for a family of 4 in the person's or family's county of residence, except that in a designated reinvestment neighborhood or area as defined in s. 66.1107 no low interest loan at the highest rate of interest authorized by this subdivision paragraph may be made to a person or family whose income exceeds 140% of the median income for a family of 4 in the person's or family's county of residence, and except that the authority may increase or decrease the income limit for low interest loans by no more than 10% of the limit for each person more or less than 4.

AB902, s. 16 Section 16. 234.49 (1) (g) of the statutes is amended to read:

AB902,6,12 234.49 (1) (g) "Median income" means the median family income as determined annually by the U.S. department of housing and urban development for the area in which the residence is located or the median family income for each county in the state, whichever is greater.

AB902, s. 17 Section 17. 234.50 (4) of the statutes is amended to read:

AB902,6,20 234.50 (4) The limitations established in ss. 234.18 (1), 234.40, 234.60, 234.61, 234.65, and 234.66 are not applicable to bonds issued under the authority of this section. The authority may not have outstanding at any one time bonds for housing rehabilitation loans in an aggregate principal amount exceeding $100,000,000, excluding bonds being issued to refund outstanding bonds. The authority shall consult with and coordinate the issuance of bonds with the building commission prior to the issuance of bonds.

AB902, s. 18 Section 18. 234.59 (1) (g) of the statutes is repealed.

AB902, s. 19 Section 19. 234.59 (3) (a) of the statutes is repealed.

AB902, s. 20 Section 20. 234.59 (3) (b) 1. of the statutes is renumbered 234.59 (3) (bc), and 234.59 (3) (bc) 1., as renumbered, is amended to read:

AB902,7,8 234.59 (3) (bc) 1. Except as provided in subd. 1. c. 3., 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 exceeds the applicable level specified under 26 USC 143 (f).

AB902, s. 21 Section 21. 234.59 (3) (b) 2. of the statutes is repealed.

AB902, s. 22 Section 22. 234.59 (3) (e) of the statutes is renumbered 234.59 (3) (d).

AB902, s. 23 Section 23. 234.60 (2) of the statutes is amended to read:

AB902,7,13 234.60 (2) The limitations in ss. 234.18 (1), 234.40, 234.50, 234.61, 234.65, and 234.66 do not apply to bonds or notes issued under this section.

AB902, s. 24 Section 24. 234.61 (1) of the statutes is amended to read:

AB902,7,22 234.61 (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.

AB902, s. 25 Section 25. 234.65 (1) (b) of the statutes is amended to read:

AB902,7,25 234.65 (1) (b) The limits in ss. 234.18 (1), 234.40, 234.50, 234.60, 234.61, and 234.66 do not apply to bonds or notes issued under this section.

AB902, s. 26 Section 26. 234.66 (3) (b) of the statutes is amended to read:

AB902,8,3 234.66 (3) (b) The limits in ss. 234.18 (1), 234.40, 234.50, 234.60, 234.61, and 234.65 do not apply to bonds or notes issued under this section.

AB902, s. 27 Section 27. Initial applicability.

AB902,8,8 (1) Housing rehabilitation loans. The treatment of sections 234.01 (7m) and 234.49 (1) (c) 2., (d) (intro.), 2., 4., and 6., (e) (intro.), 1., and 2., (f) (intro.) and 2., and (g) of the statutes first applies to housing rehabilitation loans for which application is made on the effective date of this subsection.

AB902,8,11 (2) Homeownership mortgage loans. The treatment of section 234.59 (3) (a) and (b) 1. and 2. of the statutes first applies to homeownership mortgage loans for which application is made on the effective date of this subsection.

AB902,8,12 (End)