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.
75,16
Section
16. 234.49 (1) (f) 2. of the statutes is renumbered 234.49 (1) (fm) and amended to read:
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.
75,17
Section
17. 234.49 (1) (g) of the statutes is amended to read:
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.
75,18
Section
18. 234.50 (4) of the statutes is amended to read:
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.
75,19
Section
19. 234.59 (1) (d) 4. of the statutes is amended to read:
234.59 (1) (d) 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.
75,20
Section
20. 234.59 (1) (g) of the statutes is repealed.
75,21
Section
21. 234.59 (3) (a) of the statutes is repealed.
75,22
Section
22. 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:
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).
75,23
Section
23. 234.59 (3) (b) 2. of the statutes is repealed.
75,23d
Section 23d. 234.59 (3) (d) of the statutes is created to read:
234.59 (3) (d) The authority may not make, buy, or assume a home ownership mortgage loan for an individual who does not have a social security number.
75,24
Section
24. 234.59 (3) (e) of the statutes is renumbered 234.59 (3) (d).
75,25
Section
25. 234.60 (2) of the statutes is amended to read:
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.
75,26
Section
26. 234.61 (1) of the statutes is amended to read:
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.
75,27
Section
27. 234.65 (1) (b) of the statutes is amended to read:
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.
75,28
Section
28. 234.66 (3) (b) of the statutes is amended to read:
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.
75,29
Section
29. 234.83 (3) (b) of the statutes is amended to read:
234.83 (3) (b) Loan proceeds are not used to refinance existing debt or for entertainment expenses, expenses related to the production of an agricultural commodity, as defined in s. 94.67 (2), or expenses related to a community-based residential facility, except that loan proceeds may be used to refinance existing debt if the borrower also expands an existing business.
75,30
Section
30. 234.83 (3) (e) of the statutes is repealed.
75,31
Section
31. 234.91 (5) (b) of the statutes is amended to read:
234.91 (5) (b) The term of a loan guarantee for a loan made to finance the acquisition of machinery, equipment or livestock, or the cost of improvements to facilities or land, may not exceed 5 years. The term of a loan guarantee for a loan made to finance the acquisition of facilities or land under this section may not exceed 10 years.
75,32
Section
32.
Initial applicability.
(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.
(2) Bonding limit. The repeal of section 234.18 (3) of the statutes and the renumbering and amendment of section 234.18 (1) of the statutes first apply to notes and bonds issued on the effective date of this subsection.
(3) Homeownership mortgage loans. The treatment of section 234.59 (1) (d) 4. and (3) (a), (b) 1. and 2., and (d) of the statutes first applies to homeownership mortgage loans for which application is made on the effective date of this subsection.
(4) Small business development loan guarantee program. The treatment of section 234.83 (3) (b) and (e) of the statutes first applies to loan guarantees for which application is made on the effective date of this subsection.
(5) Farm assets reinvestment management loan guarantee program. The treatment of section 234.91 (5) (b) of the statutes first applies to loan guarantees for which application is made on the effective date of this act.
