AB902, s. 7 12Section 7. 234.49 (1) (c) 2. of the statutes is amended to read:
AB902,4,1413 234.49 (1) (c) 2. A family who or which falls within the income limits specified
14in par. (f) (fm).
AB902, s. 8 15Section 8. 234.49 (1) (d) (intro.) of the statutes is renumbered 234.49 (1) (d)
16and amended to read:
AB902,4,2117 234.49 (1) (d) "Eligible rehabilitation" means additions, alterations, or repairs
18of to housing to maintain it in a decent, safe, and sanitary condition or to restore it
19to that condition, to reduce the cost of owning or occupying dwelling units, to
20conserve energy, and to extend the economic or physical life of structures, but does
21not include any of the following: decks or patios.
AB902, s. 9 22Section 9. 234.49 (1) (d) 2. of the statutes is repealed.
AB902, s. 10 23Section 10. 234.49 (1) (d) 4. of the statutes is repealed.
AB902, s. 11 24Section 11. 234.49 (1) (d) 6. of the statutes is repealed.
AB902, s. 12
1Section 12. 234.49 (1) (e) (intro.) and 2. of the statutes are consolidated,
2renumbered 234.49 (1) (e) and amended to read:
AB902,5,83 234.49 (1) (e) "Housing" means a residential structure having not more than
44 dwelling units in which at least one unit is occupied by the owner as a principal
5residence and: 2. The, if a housing rehabilitation loan is granted for the property
6to implement energy conservation improvements, the
structure is not subject to rules
7adopted under s. 101.63, 101.73, or 101.973, if a housing rehabilitation loan is
8granted for the property to implement energy conservation improvements
.
AB902, s. 13 9Section 13. 234.49 (1) (e) 1. of the statutes is repealed.
AB902, s. 14 10Section 14. 234.49 (1) (f) (intro.) of the statutes is renumbered 234.49 (1) (f)
11and amended to read:
AB902,5,1812 234.49 (1) (f) "Housing rehabilitation loan" means a loan to finance eligible
13rehabilitation or a property tax deferral loan. The maximum amount of a housing
14rehabilitation loan, except a property tax deferral loan, is $17,500. The term of any
15housing rehabilitation loan, except a property tax deferral loan, the repayment of
16which is made in monthly or other periodic installments, may not exceed 15 years.
17Housing rehabilitation loans, except property tax deferral loans, include: low
18interest loans.
AB902, s. 15 19Section 15. 234.49 (1) (f) 2. of the statutes is renumbered 234.49 (1) (fm) and
20amended to read:
AB902,6,721 234.49 (1) (fm) "Low interest loans" which are means loans that meet or exceed
22the rate of interest required to pay the costs incurred by the authority for making and
23servicing such loans, but do not exceed the rate of interest specified in sub. (2) (a) 6.
24No low interest or other loan may be made to a person or family whose income exceeds
25120% of the median income for a family of 4 in the person's or family's county of

1residence
, except that in a designated reinvestment neighborhood or area as defined
2in s. 66.1107 no low interest loan at the highest rate of interest authorized by this
3subdivision paragraph may be made to a person or family whose income exceeds
4140% of the median income for a family of 4 in the person's or family's county of
5residence
, and except that the authority may increase or decrease the income limit
6for low interest loans by no more than 10% of the limit for each person more or less
7than 4.
AB902, s. 16 8Section 16. 234.49 (1) (g) of the statutes is amended to read:
AB902,6,129 234.49 (1) (g) "Median income" means the median family income as determined
10annually by the U.S. department of housing and urban development
for the area in
11which the residence is located or the median family income
for each county in the
12state, whichever is greater.
AB902, s. 17 13Section 17. 234.50 (4) of the statutes is amended to read:
AB902,6,2014 234.50 (4) The limitations established in ss. 234.18 (1), 234.40, 234.60, 234.61,
15234.65, and 234.66 are not applicable to bonds issued under the authority of this
16section. The authority may not have outstanding at any one time bonds for housing
17rehabilitation loans in an aggregate principal amount exceeding $100,000,000,
18excluding bonds being issued to refund outstanding bonds. The authority shall
19consult with and coordinate the issuance of bonds with the building commission prior
20to the issuance of bonds.
AB902, s. 18 21Section 18. 234.59 (1) (g) of the statutes is repealed.
AB902, s. 19 22Section 19. 234.59 (3) (a) of the statutes is repealed.
AB902, s. 20 23Section 20. 234.59 (3) (b) 1. of the statutes is renumbered 234.59 (3) (bc), and
24234.59 (3) (bc) 1., as renumbered, is amended to read:
AB902,7,8
1234.59 (3) (bc) 1. Except as provided in subd. 1. c. 3., a homeownership
2mortgage loan may not be made to an applicant if the applicant's income combined,
3except as provided in subd. 1. b., with the income from all sources of all persons who
4intend to occupy the same dwelling unit as that applicant, exceeds 110% of the
5median income of the county where the eligible property is located if the eligible
6property is not a targeted area residence or exceeds 140% of the median income of
7the county where the eligible property is located if the eligible property is a targeted
8area residence
exceeds the applicable level specified under 26 USC 143 (f).
AB902, s. 21 9Section 21. 234.59 (3) (b) 2. of the statutes is repealed.
AB902, s. 22 10Section 22. 234.59 (3) (e) of the statutes is renumbered 234.59 (3) (d).
AB902, s. 23 11Section 23. 234.60 (2) of the statutes is amended to read:
AB902,7,1312 234.60 (2) The limitations in ss. 234.18 (1), 234.40, 234.50, 234.61, 234.65, and
13234.66 do not apply to bonds or notes issued under this section.
AB902, s. 24 14Section 24. 234.61 (1) of the statutes is amended to read:
AB902,7,2215 234.61 (1) Upon the authorization of the department of health and family
16services, the authority may issue bonds or notes and make loans for the financing of
17housing projects which are residential facilities as defined in s. 46.28 (1) (d) and the
18development costs of those housing projects, if the department of health and family
19services has approved the residential facilities for financing under s. 46.28 (2). The
20limitations in ss. 234.18 (1), 234.40, 234.50, 234.60, 234.65, and 234.66 do not apply
21to bonds or notes issued under this section. The definition of "nonprofit corporation"
22in s. 234.01 (9) does not apply to this section.
AB902, s. 25 23Section 25. 234.65 (1) (b) of the statutes is amended to read:
AB902,7,2524 234.65 (1) (b) The limits in ss. 234.18 (1), 234.40, 234.50, 234.60, 234.61, and
25234.66 do not apply to bonds or notes issued under this section.
AB902, s. 26
1Section 26. 234.66 (3) (b) of the statutes is amended to read:
AB902,8,32 234.66 (3) (b) The limits in ss. 234.18 (1), 234.40, 234.50, 234.60, 234.61, and
3234.65 do not apply to bonds or notes issued under this section.
AB902, s. 27 4Section 27. Initial applicability.
AB902,8,85 (1) Housing rehabilitation loans. The treatment of sections 234.01 (7m) and
6234.49 (1) (c) 2., (d) (intro.), 2., 4., and 6., (e) (intro.), 1., and 2., (f) (intro.) and 2., and
7(g) of the statutes first applies to housing rehabilitation loans for which application
8is made on the effective date of this subsection.
AB902,8,119 (2) Homeownership mortgage loans. The treatment of section 234.59 (3) (a)
10and (b) 1. and 2. of the statutes first applies to homeownership mortgage loans for
11which application is made on the effective date of this subsection.
AB902,8,1212 (End)
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