2023 - 2024 LEGISLATURE
June 5, 2023 - Offered by Representative Brooks.
AB265-AA1,1,11 At the locations indicated, amend the bill as follows:
AB265-AA1,1,2 21. Page 4, line 3: delete “30" and substitute “20".
AB265-AA1,1,4 32. Page 4, line 4: after “(b)," insert “or since the property was acquired by the
4current owner, whichever is later, all".
AB265-AA1,1,5 53. Page 4, line 5: after that line insert:
AB265-AA1,1,7 6“5. Has not been the subject of a claim for a state or federal historic
7rehabilitation tax credit, as determined by the authority.
AB265-AA1,1,98 6. Has not received financial assistance from tax increments generated by an
9active tax incremental district.”.
AB265-AA1,1,11 104. Page 4, line 13: delete “paint or asbestos" and substitute “paint, asbestos,
11or mold in accordance with applicable local, state, and federal laws and regulations".
AB265-AA1,1,12 125. Page 5, line 8: after that line insert:
1“(am) In its discretion, the authority may invest fund moneys that are not
2required for immediate use or disbursement in all of the following to the extent
3lawful for fiduciaries in this state:
AB265-AA1,2,64 1. An obligation of the United States or one of its agencies or instrumentalities,
5or an obligation the principal and interest of which are guaranteed by the United
6States or one of its agencies or instrumentalities.
AB265-AA1,2,87 2. An obligation of any state, or of any county, city, or other political subdivision
8of a state, having long-term ratings in the AA category or higher.
AB265-AA1,2,99 3. A certificate of deposit.
AB265-AA1,2,1010 4. The state investment fund.
AB265-AA1,2,1211 5. A money market mutual fund restricted to one or more investments as
12provided in subd. 1., 2., 3., or 4.
AB265-AA1,2,1413 (an) All investments under par. (am) shall be the exclusive property of the fund.
14All earnings on or income from such investments shall be credited to the fund.”.
AB265-AA1,2,17 156. Page 7, line 10: delete that line and substitute “and the authority may
16establish an interest rate for any loan awarded under this subsection at or below the
17market interest rate or may charge no interest.”.
AB265-AA1,2,18 187. Page 8, line 21: after that line insert:
AB265-AA1,2,22 19“d. If the rental housing to be rehabilitated with loan proceeds contains lead
20paint, asbestos, or mold, the authority's loan agreement with the owner shall require
21the owner to remediate the hazardous material or condition as required by and in
22accordance with local, state, and federal laws or regulations.”.
AB265-AA1,2,23 238. Page 9, line 6: after that line insert:
1(3m) Policies and procedures. The authority shall establish policies and
2procedures to administer the main street housing rehabilitation revolving loan fund
3and program under this section. The policies and procedures shall, to the extent
4practicable, do all of the following:
AB265-AA1,3,65 (a) Incorporate the authority's policies and procedures for establishing credit
6underwriting guidelines.
AB265-AA1,3,117 (b) Require that the full amount of each loan under sub. (3) is secured by one
8or more unlimited personal guarantees, unless the developer provides no personal
9guarantee on any first mortgage for the eligible project and the developer's total debt
10associated with project does not exceed 75 percent of the total collateral value of the
11project, as determined by the authority.
AB265-AA1,3,1212 (c) Establish loan repayment requirements.”.