SB70,1369,16
16(1) All moneys appropriated to the authority under s. 20.490 (6) (a).
SB70,1369,17
17(2) All moneys received from the repayment of loans provided under s. 234.045.
SB70,1369,20
18(3) All income from the investment of moneys in the workforce housing
19rehabilitation fund by the authority under s. 234.03 (18). All such investments shall
20be the exclusive property of the fund.
SB70,1369,22
21(4) All moneys received by the authority for the workforce housing
22rehabilitation fund from any other source.
SB70,2548
23Section
2548. 234.045 (1) (intro.) of the statutes is amended to read:
SB70,1370,324
234.045
(1) Definition. (intro.) In this section, “eligible rehabilitation” means
25an improvement to housing to maintain the housing in a decent, safe, and sanitary
1condition or to restore it to that condition if the improvement is the removal of lead
2paint or constitutes a structural
or safety improvement
, as determined by the
3authority, including any of the following:
SB70,2549
4Section
2549. 234.045 (2) (a) (intro.) of the statutes is amended to read:
SB70,1370,75
234.045
(2) (a) (intro.) From the
workforce housing rehabilitation
loan fund,
6the authority may make a loan to a person applying for the loan to pay for the cost
7of eligible rehabilitation to the applicant's home if all of the following apply:
SB70,2550
8Section
2550. 234.045 (2) (a) 2. of the statutes is amended to read:
SB70,1370,119
234.045
(2) (a) 2. The applicant's home is a single-family residence that
serves
10as the primary residence of the applicant
occupies and that was constructed before
111980.
SB70,2551
12Section
2551. 234.045 (2) (a) 3. of the statutes is amended to read:
SB70,1370,1913
234.045
(2) (a) 3. The applicant agrees to
the terms of the loan, as determined
14by the authority. The loan terms may include a requirement to repay the loan by
15making monthly principal and interest payments so that the loan is fully repaid
16within a given term; a requirement to repay the loan, including all interest, upon the
17applicant selling or otherwise transferring title to the residence to another person
18or upon the applicant and his or her family vacating the residence
; and any other
19terms determined by the authority.
SB70,2552
20Section
2552. 234.045 (2) (c) of the statutes is created to read:
SB70,1370,2321
234.045
(2) (c) The authority may defer the repayment or forgive the
22outstanding balance of any loan made under par. (a) according to criteria established
23by the authority.
SB70,2553
24Section
2553. 234.18 (1) of the statutes is renumbered 234.18 and amended
25to read:
SB70,1371,6
1234.18 Limit on amount of outstanding bonds and notes. The authority
2may not issue notes and bonds that are secured by a capital reserve fund to which
3s. 234.15 (4) applies if, upon issuance, the total aggregate outstanding principal
4amount of notes and bonds that are secured by a capital reserve fund to which s.
5234.15 (4) applies would exceed
$600,000,000
$1,200,000,000. This section does not
6apply to bonds and notes issued to refund outstanding notes and bonds.
SB70,2554
7Section
2554. 234.18 (2) of the statutes is repealed.
SB70,2555
8Section
2555. 234.29 of the statutes is amended to read:
SB70,1371,17
9234.29 Equality of occupancy and employment. The authority shall
10require that occupancy of housing projects assisted under this chapter be open to all
11regardless of sex, race, religion, sexual orientation,
status as a holder or nonholder
12of a license under s. 343.03 (3r), status as a victim of domestic abuse, sexual assault,
13or stalking, as defined in s. 106.50 (1m) (u), or creed, and that contractors and
14subcontractors engaged in the construction of economic development or housing
15projects, shall provide an equal opportunity for employment, without discrimination
16as to sex, race, religion, sexual orientation,
gender expression, as defined in s. 111.32
17(7j), gender identity, as defined in s. 111.32 (7k), or creed.
SB70,2556
18Section
2556. 234.36 (title) of the statutes is amended to read:
SB70,1371,20
19234.36 (title)
Disabled veteran-owned Veteran-owned business
20financial interests.
SB70,2557
21Section
2557. 234.45 (1) (c) of the statutes is amended to read:
SB70,1372,222
234.45
(1) (c) “Credit period” means the period of
6 10 taxable years beginning
23with the taxable year in which a qualified development is placed in service. For
24purposes of this paragraph, if a qualified development consists of more than one
1building, the qualified development is placed in service in the taxable year in which
2the last building of the qualified development is placed in service.
SB70,2558
3Section
2558. 234.45 (1) (e) of the statutes is amended to read:
SB70,1372,134
234.45
(1) (e) “Qualified development” means a qualified low-income housing
5project under section
42 (g) of the Internal Revenue Code that is financed with
6tax-exempt bonds
, pursuant to section 42 (i) (2) described in section 42 (h) (4) (A) of
7the Internal Revenue Code,
allocated the credit under section 42 of the Internal
8Revenue Code, and located in this state
; except that the authority may waive, in the
9qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code,
10the requirements of tax-exempt bond financing and federal credit allocation to the
11extent the authority anticipates that sufficient volume cap under section 146 of the
12Internal Revenue Code will not be available to finance low-income housing projects
13in any year.
SB70,2559
14Section
2559. 234.45 (4) of the statutes is amended to read:
SB70,1372,2115
234.45
(4) Allocation limits. In any calendar year, the aggregate amount of
16all state tax credits for which the authority certifies persons in allocation certificates
17issued under sub. (3) in that year may not exceed
$42,000,000 $100,000,000,
18including all amounts each person is eligible to claim for each year of the credit
19period, plus the total amount of all unallocated state tax credits from previous
20calendar years and plus the total amount of all previously allocated state tax credits
21that have been revoked or cancelled or otherwise recovered by the authority.
SB70,2560
22Section
2560. 234.53 (2) of the statutes is amended to read:
SB70,1373,323
234.53
(2) Except as provided in sub. (2m)
and s. 234.045, the authority shall
24use moneys in the fund for the purpose of purchasing housing rehabilitation loans
25or for funding commitments for loans to lenders for housing rehabilitation loans. All
1disbursements of funds under this subsection for purchasing such loans shall be
2made payable to an authorized lender, as defined in s. 234.49 (1) (b), or a duly
3authorized agent thereof.
SB70,2561
4Section
2561. 234.55 (1) of the statutes is amended to read:
SB70,1373,185
234.55
(1) The authority shall establish the housing rehabilitation loan
6program bond redemption fund. All housing rehabilitation loans purchased with
7moneys from the housing rehabilitation loan fund or notes evidencing loans to
8lenders from such fund for housing rehabilitation loans shall be the exclusive
9property of such redemption fund. All moneys received from the repayment of such
10loans, any amounts transferred by the authority to such fund pursuant to s. 234.52
11or from other funds or sources, any federal insurance or guarantee payments with
12respect to such loans, all moneys resulting from the sale of bonds for the purpose of
13refunding outstanding housing rehabilitation bonds unless credited to the housing
14rehabilitation loan program capital reserve fund, any other moneys which may be
15available to the authority for the purpose of such fund, and all moneys received from
16the repayment of loans provided under
ss. 234.045 and s. 234.53 (2m) shall be
17deposited into such fund to be used for the repayment of housing rehabilitation bonds
18issued under the authority of s. 234.50.
SB70,2562
19Section
2562. 238.03 (4) (b) (intro.) of the statutes is renumbered 238.03 (4)
20(b) and amended to read:
SB70,1373,2321
238.03
(4) (b) The board shall establish policies and procedures for maintaining
22and expending any unassigned balance
that satisfy all of the following
23requirements:.
SB70,2563
24Section
2563. 238.03 (4) (b) 1. of the statutes is renumbered 238.03 (4) (bm)
25and amended to read:
SB70,1374,3
1238.03
(4) (bm) The policies and procedures
established under par. (b) shall be
2consistent with best practices recommended by the Government Finance Officers
3Association.
SB70,2564
4Section
2564. 238.03 (4) (b) 2. of the statutes is repealed.
SB70,2565
5Section
2565. 238.129 of the statutes is created to read:
SB70,1374,9
6238.129 Main street bounceback grants. (1) Grants. From the
7appropriation under s. 20.192 (1) (br), the corporation may award grants to provide
8assistance to businesses opening a new location or expanding operations in a vacant
9commercial space.
SB70,1374,14
10(2) Eligibility. (a) Subject to par. (b), the corporation shall establish eligibility
11requirements and other policies and procedures for the grants awarded under sub.
12(1) that are substantially similar to the eligibility requirements and policies and
13procedures in effect on June 30, 2023, for the Wisconsin Tomorrow Main Street
14Bounceback Grant program administered by the corporation.
SB70,1374,1615
(b) The corporation may not award a grant under this section to a nonprofit
16organization.
SB70,2566
17Section
2566. 238.145 of the statutes is created to read:
SB70,1374,19
18238.145 Venture capital fund of funds program. (1)
Definitions. In this
19section:
SB70,1374,2020
(a) “Fund of funds program” means the program established under sub. (2).
SB70,1374,2221
(b) “Investment manager” means the person with whom the oversight board
22enters into a contract under sub. (4).
SB70,1374,2323
(c) “Oversight board” means the oversight board created under sub. (2) (c).
SB70,1375,2
24(2) Establishment of program. The corporation shall establish and administer
25a venture capital fund of funds program to invest moneys in venture capital funds
1that invest in businesses located in this state, subject to the requirements of this
2section. In establishing the program, the corporation shall do all of the following:
SB70,1375,33
(a) Create a fund of funds.
SB70,1375,54
(b) Provide that the assets of the fund of funds will continuously be reinvested
5in venture capital funds under the fund of funds program.
SB70,1375,76
(c) Create an oversight board to conduct any activity as required by this section
7or as directed by the corporation.
SB70,1375,12
8(3) Investments in venture capital funds. (a) The investment manager shall
9request from the corporation moneys to make investments through the fund of funds
10program and to pay the investment manager's management fee, and the corporation
11shall, subject to the approval of the secretary of administration, pay the moneys to
12the investment manager from the appropriation under s. 20.192 (1) (c).
SB70,1375,1413
(b) The oversight board shall establish investment policies for the fund of funds
14program, subject to all of the following conditions:
SB70,1375,1815
1. All moneys paid to the investment manager under par. (a) to make
16investments shall be committed for investment to venture capital funds, subject to
17the requirements of this section, no later than 60 months after the creation of the
18fund of funds under sub. (2) (a).
SB70,1375,2119
2. No more than $18,750,000 of the total moneys paid to the investment
20manager under par. (a) to make investments may be invested in any single venture
21capital fund.
SB70,1375,2322
3. At least 20 percent of the investments made through the program shall be
23directed to any combination of the following:
SB70,1375,2524
a. Businesses located in parts of this state that typically do not receive
25significant investment from venture capital funds.
SB70,1376,3
1b. Businesses that are at least 51 percent owned by one or more members of a
2racial minority group and whose management and daily business operations are
3controlled by one or more members of a racial minority group.
SB70,1376,64
c. Businesses that are at least 51 percent owned by one or more women and
5whose management and daily business operations are controlled by one or more
6women.
SB70,1376,77
(c) No investment may be made through the program in a lobbying or law firm.
SB70,1376,12
8(4) Investment manager. The oversight board shall contract with an
9investment manager who meets the qualifications established by the corporation.
10The contract shall establish the investment manager's compensation, including any
11management fee. A management fee may not annually exceed 1 percent of the total
12assets under management in the fund of funds program.
SB70,1376,16
13(5) Venture capital fund requirements. The investment manager shall
14contract with each venture capital fund that receives moneys through the fund of
15funds program. Each contract shall require the venture capital fund to do all of the
16following:
SB70,1376,1917
(a) Make new investments in an amount equal to the amount of moneys it
18receives through the program in one or more businesses who are headquartered in
19this state and whose operations are primarily in this state.
SB70,1377,220
(b) At least match any moneys it receives through the program and invests in
21a business described in par. (a) with an investment in that business of moneys the
22venture capital fund has raised from sources other than the program. The
23investment manager shall ensure that, on average, for every $1 a venture capital
24fund receives through the program and invests in a business described in par. (a), the
1venture capital fund invests $2 in that business from sources other than the
2program.
SB70,1377,43
(c) Provide to the investment manager the information necessary for the
4investment manager to complete the reports under sub. (6) (a) and (c).
SB70,1377,8
5(6) Reports of the investment manager; public disclosures. (a) Annually, no
6later than 120 days after the end of the investment manager's fiscal year, the
7investment manager shall submit to the corporation a report for that fiscal year that
8includes all of the following:
SB70,1377,109
1. An audit of the investment manager's financial statements performed by an
10independent certified public accountant.
SB70,1377,1211
2. The investment manager's internal rate of return from investments made
12through the fund of funds program.
SB70,1377,1413
3. For each venture capital fund that contracts with the investment manager
14under sub. (5), all of the following:
SB70,1377,1515
a. The name and address of the venture capital fund.
SB70,1377,1716
b. The amounts invested in the venture capital fund through the fund of funds
17program.
SB70,1377,1918
c. An accounting of any fee the venture capital fund paid to itself or any
19principal or manager of the venture capital fund.
SB70,1377,2120
d. The venture capital fund's average internal rate of return on its investments
21of the moneys it received through the fund of funds program.
SB70,1377,2322
4. For each business in which a venture capital fund held an investment of
23moneys received through the fund of funds program, all of the following:
SB70,1377,2424
a. The name and address of the business.
SB70,1377,2525
b. A description of the nature of the business.
SB70,1378,1
1c. An identification of the venture capital fund.
SB70,1378,32
d. The amount of the investment and the amount invested by the venture
3capital fund from funding sources other than the program.
SB70,1378,54
e. The internal rate of return realized by the venture capital fund upon the
5venture capital fund's exit from the investment in the business.
SB70,1378,96
f. A statement of the number of employees the business employed when the
7venture capital fund first invested moneys received through the program and the
8number of employees the business employed on the first day and last day of the
9investment manager's fiscal year.
SB70,1378,1210
(b) No later than 10 days after it receives the investment manager's report
11under par. (a), the corporation shall submit the report to the chief clerk of each house
12of the legislature, for distribution to the legislature under s. 13.172 (2).
SB70,1378,1413
(c) Quarterly, the investment manager shall submit to the oversight board a
14report for the preceding quarter that includes all of the following:
SB70,1378,1615
1. An identification of each venture capital fund under contract with the
16investment manager under sub. (5).
SB70,1378,1917
2. An identification of each business in which a venture capital fund held an
18investment of moneys received through the fund of funds program and a statement
19of the amount of the investment in each business.
SB70,1378,2320
3. A statement of the number of employees the business employed when the
21venture capital fund first invested moneys received through the fund of funds
22program and the number of employees the business employed on the last day of the
23quarter.
SB70,1378,2524
(d) The oversight board shall make the reports under par. (c) readily accessible
25to the public on the corporation's Internet site.
SB70,1379,2
1(7) Policies and procedures. The corporation shall establish policies and
2procedures to administer this section.
SB70,2567
3Section 2567
. 238.30 (2m) (a) of the statutes is amended to read:
SB70,1379,104
238.30
(2m) (a) Except as provided in par. (b)
and s. 238.308 (1) (b), “full-time
5job" means a regular, nonseasonal full-time position in which an individual, as a
6condition of employment, is required to work at least 2,080 hours per year, including
7paid leave and holidays, and for which the individual receives pay that is equal to
8at least 150 percent of the federal minimum wage and benefits that are not required
9by federal or state law. “Full-time job" does not include initial training before an
10employment position begins.
SB70,2568
11Section 2568
. 238.308 (1) of the statutes is renumbered 238.308 (1) (intro.)
12and amended to read:
SB70,1379,1313
238.308
(1) Definition Definitions. (intro.) In this section
,: