SB70: Bill Text

SB70,2549 Section 2549. 234.045 (2) (a) (intro.) of the statutes is amended to read:

SB70,1370,7 234.045 (2) (a) (intro.) From the workforce housing rehabilitation loan fund, the authority may make a loan to a person applying for the loan to pay for the cost of eligible rehabilitation to the applicant's home if all of the following apply:

SB70,2550 Section 2550. 234.045 (2) (a) 2. of the statutes is amended to read:

SB70,1370,11 234.045 (2) (a) 2. The applicant's home is a single-family residence that serves as the primary residence of the applicant occupies and that was constructed before 1980.

SB70,2551 Section 2551. 234.045 (2) (a) 3. of the statutes is amended to read:

SB70,1370,19 234.045 (2) (a) 3. The applicant agrees to the terms of the loan, as determined by the authority. The loan terms may include a requirement to repay the loan by making monthly principal and interest payments so that the loan is fully repaid within a given term; a requirement to repay the loan, including all interest, upon the applicant selling or otherwise transferring title to the residence to another person or upon the applicant and his or her family vacating the residence ; and any other terms determined by the authority.

SB70,2552 Section 2552. 234.045 (2) (c) of the statutes is created to read:

SB70,1370,23 234.045 (2) (c) The authority may defer the repayment or forgive the outstanding balance of any loan made under par. (a) according to criteria established by the authority.

SB70,2553 Section 2553. 234.18 (1) of the statutes is renumbered 234.18 and amended to read:

SB70,1371,6 234.18 Limit on amount of outstanding bonds and notes. The authority may not issue notes and bonds that are secured by a capital reserve fund to which s. 234.15 (4) applies if, upon issuance, the total aggregate outstanding principal amount of notes and bonds that are secured by a capital reserve fund to which s. 234.15 (4) applies would exceed $600,000,000 $1,200,000,000. This section does not apply to bonds and notes issued to refund outstanding notes and bonds.

SB70,2554 Section 2554. 234.18 (2) of the statutes is repealed.

SB70,2555 Section 2555. 234.29 of the statutes is amended to read:

SB70,1371,17 234.29 Equality of occupancy and employment. The authority shall require that occupancy of housing projects assisted under this chapter be open to all regardless of sex, race, religion, sexual orientation, status as a holder or nonholder of a license under s. 343.03 (3r), status as a victim of domestic abuse, sexual assault, or stalking, as defined in s. 106.50 (1m) (u), or creed, and that contractors and subcontractors engaged in the construction of economic development or housing projects, shall provide an equal opportunity for employment, without discrimination as to sex, race, religion, sexual orientation, gender expression, as defined in s. 111.32 (7j), gender identity, as defined in s. 111.32 (7k), or creed.

SB70,2556 Section 2556. 234.36 (title) of the statutes is amended to read:

SB70,1371,20 234.36 (title) Disabled veteran-owned Veteran-owned business financial interests.

SB70,2557 Section 2557. 234.45 (1) (c) of the statutes is amended to read:

SB70,1372,2 234.45 (1) (c) “Credit period” means the period of 6 10 taxable years beginning with the taxable year in which a qualified development is placed in service. For purposes of this paragraph, if a qualified development consists of more than one building, the qualified development is placed in service in the taxable year in which the last building of the qualified development is placed in service.

SB70,2558 Section 2558. 234.45 (1) (e) of the statutes is amended to read:

SB70,1372,13 234.45 (1) (e) “Qualified development” means a qualified low-income housing project under section 42 (g) of the Internal Revenue Code that is financed with tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4) (A) of the Internal Revenue Code, allocated the credit under section 42 of the Internal Revenue Code, and located in this state; except that the authority may waive, in the qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code, the requirements of tax-exempt bond financing and federal credit allocation to the extent the authority anticipates that sufficient volume cap under section 146 of the Internal Revenue Code will not be available to finance low-income housing projects in any year.

SB70,2559 Section 2559. 234.45 (4) of the statutes is amended to read:

SB70,1372,21 234.45 (4) Allocation limits. In any calendar year, the aggregate amount of all state tax credits for which the authority certifies persons in allocation certificates issued under sub. (3) in that year may not exceed $42,000,000 $100,000,000, including all amounts each person is eligible to claim for each year of the credit period, plus the total amount of all unallocated state tax credits from previous calendar years and plus the total amount of all previously allocated state tax credits that have been revoked or cancelled or otherwise recovered by the authority.

SB70,2560 Section 2560. 234.53 (2) of the statutes is amended to read:

SB70,1373,3 234.53 (2) Except as provided in sub. (2m) and s. 234.045, the authority shall use moneys in the fund for the purpose of purchasing housing rehabilitation loans or for funding commitments for loans to lenders for housing rehabilitation loans. All disbursements of funds under this subsection for purchasing such loans shall be made payable to an authorized lender, as defined in s. 234.49 (1) (b), or a duly authorized agent thereof.

SB70,2561 Section 2561. 234.55 (1) of the statutes is amended to read:

SB70,1373,18 234.55 (1) The authority shall establish the housing rehabilitation loan program bond redemption fund. All housing rehabilitation loans purchased with moneys from the housing rehabilitation loan fund or notes evidencing loans to lenders from such fund for housing rehabilitation loans shall be the exclusive property of such redemption fund. All moneys received from the repayment of such loans, any amounts transferred by the authority to such fund pursuant to s. 234.52 or from other funds or sources, any federal insurance or guarantee payments with respect to such loans, all moneys resulting from the sale of bonds for the purpose of refunding outstanding housing rehabilitation bonds unless credited to the housing rehabilitation loan program capital reserve fund, any other moneys which may be available to the authority for the purpose of such fund, and all moneys received from the repayment of loans provided under ss. 234.045 and s. 234.53 (2m) shall be deposited into such fund to be used for the repayment of housing rehabilitation bonds issued under the authority of s. 234.50.

SB70,2562 Section 2562. 238.03 (4) (b) (intro.) of the statutes is renumbered 238.03 (4) (b) and amended to read:

SB70,1373,23 238.03 (4) (b) The board shall establish policies and procedures for maintaining and expending any unassigned balance that satisfy all of the following requirements:.

SB70,2563 Section 2563. 238.03 (4) (b) 1. of the statutes is renumbered 238.03 (4) (bm) and amended to read:

SB70,1374,3 238.03 (4) (bm) The policies and procedures established under par. (b) shall be consistent with best practices recommended by the Government Finance Officers Association.

SB70,2564 Section 2564. 238.03 (4) (b) 2. of the statutes is repealed.

SB70,2565 Section 2565. 238.129 of the statutes is created to read:

SB70,1374,9 238.129 Main street bounceback grants. (1) Grants. From the appropriation under s. 20.192 (1) (br), the corporation may award grants to provide assistance to businesses opening a new location or expanding operations in a vacant commercial space.

SB70,1374,14 (2) Eligibility. (a) Subject to par. (b), the corporation shall establish eligibility requirements and other policies and procedures for the grants awarded under sub. (1) that are substantially similar to the eligibility requirements and policies and procedures in effect on June 30, 2023, for the Wisconsin Tomorrow Main Street Bounceback Grant program administered by the corporation.

SB70,1374,16 (b) The corporation may not award a grant under this section to a nonprofit organization.

SB70,2566 Section 2566. 238.145 of the statutes is created to read:

SB70,1374,19 238.145 Venture capital fund of funds program. (1) Definitions. In this section:

SB70,1374,20 (a) “Fund of funds program” means the program established under sub. (2).

SB70,1374,22 (b) “Investment manager” means the person with whom the oversight board enters into a contract under sub. (4).

SB70,1374,23 (c) “Oversight board” means the oversight board created under sub. (2) (c).

SB70,1375,2 (2) Establishment of program. The corporation shall establish and administer a venture capital fund of funds program to invest moneys in venture capital funds that invest in businesses located in this state, subject to the requirements of this section. In establishing the program, the corporation shall do all of the following:

SB70,1375,3 (a) Create a fund of funds.

SB70,1375,5 (b) Provide that the assets of the fund of funds will continuously be reinvested in venture capital funds under the fund of funds program.

SB70,1375,7 (c) Create an oversight board to conduct any activity as required by this section or as directed by the corporation.

SB70,1375,12 (3) Investments in venture capital funds. (a) The investment manager shall request from the corporation moneys to make investments through the fund of funds program and to pay the investment manager's management fee, and the corporation shall, subject to the approval of the secretary of administration, pay the moneys to the investment manager from the appropriation under s. 20.192 (1) (c).

SB70,1375,14 (b) The oversight board shall establish investment policies for the fund of funds program, subject to all of the following conditions:

SB70,1375,18 1. All moneys paid to the investment manager under par. (a) to make investments shall be committed for investment to venture capital funds, subject to the requirements of this section, no later than 60 months after the creation of the fund of funds under sub. (2) (a).

SB70,1375,21 2. No more than $18,750,000 of the total moneys paid to the investment manager under par. (a) to make investments may be invested in any single venture capital fund.

SB70,1375,23 3. At least 20 percent of the investments made through the program shall be directed to any combination of the following:

SB70,1375,25 a. Businesses located in parts of this state that typically do not receive significant investment from venture capital funds.

SB70,1376,3 b. Businesses that are at least 51 percent owned by one or more members of a racial minority group and whose management and daily business operations are controlled by one or more members of a racial minority group.

SB70,1376,6 c. Businesses that are at least 51 percent owned by one or more women and whose management and daily business operations are controlled by one or more women.

SB70,1376,7 (c) No investment may be made through the program in a lobbying or law firm.

SB70,1376,12 (4) Investment manager. The oversight board shall contract with an investment manager who meets the qualifications established by the corporation. The contract shall establish the investment manager's compensation, including any management fee. A management fee may not annually exceed 1 percent of the total assets under management in the fund of funds program.

SB70,1376,16 (5) Venture capital fund requirements. The investment manager shall contract with each venture capital fund that receives moneys through the fund of funds program. Each contract shall require the venture capital fund to do all of the following:

SB70,1376,19 (a) Make new investments in an amount equal to the amount of moneys it receives through the program in one or more businesses who are headquartered in this state and whose operations are primarily in this state.

SB70,1377,2 (b) At least match any moneys it receives through the program and invests in a business described in par. (a) with an investment in that business of moneys the venture capital fund has raised from sources other than the program. The investment manager shall ensure that, on average, for every $1 a venture capital fund receives through the program and invests in a business described in par. (a), the venture capital fund invests $2 in that business from sources other than the program.

SB70,1377,4 (c) Provide to the investment manager the information necessary for the investment manager to complete the reports under sub. (6) (a) and (c).

SB70,1377,8 (6) Reports of the investment manager; public disclosures. (a) Annually, no later than 120 days after the end of the investment manager's fiscal year, the investment manager shall submit to the corporation a report for that fiscal year that includes all of the following:

SB70,1377,10 1. An audit of the investment manager's financial statements performed by an independent certified public accountant.

SB70,1377,12 2. The investment manager's internal rate of return from investments made through the fund of funds program.

SB70,1377,14 3. For each venture capital fund that contracts with the investment manager under sub. (5), all of the following:

SB70,1377,15 a. The name and address of the venture capital fund.

SB70,1377,17 b. The amounts invested in the venture capital fund through the fund of funds program.

SB70,1377,19 c. An accounting of any fee the venture capital fund paid to itself or any principal or manager of the venture capital fund.

SB70,1377,21 d. The venture capital fund's average internal rate of return on its investments of the moneys it received through the fund of funds program.

SB70,1377,23 4. For each business in which a venture capital fund held an investment of moneys received through the fund of funds program, all of the following:

SB70,1377,24 a. The name and address of the business.

SB70,1377,25 b. A description of the nature of the business.

SB70,1378,1 c. An identification of the venture capital fund.

SB70,1378,3 d. The amount of the investment and the amount invested by the venture capital fund from funding sources other than the program.

SB70,1378,5 e. The internal rate of return realized by the venture capital fund upon the venture capital fund's exit from the investment in the business.

SB70,1378,9 f. A statement of the number of employees the business employed when the venture capital fund first invested moneys received through the program and the number of employees the business employed on the first day and last day of the investment manager's fiscal year.

SB70,1378,12 (b) No later than 10 days after it receives the investment manager's report under par. (a), the corporation shall submit the report to the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2).

SB70,1378,14 (c) Quarterly, the investment manager shall submit to the oversight board a report for the preceding quarter that includes all of the following:

SB70,1378,16 1. An identification of each venture capital fund under contract with the investment manager under sub. (5).

SB70,1378,19 2. An identification of each business in which a venture capital fund held an investment of moneys received through the fund of funds program and a statement of the amount of the investment in each business.

SB70,1378,23 3. A statement of the number of employees the business employed when the venture capital fund first invested moneys received through the fund of funds program and the number of employees the business employed on the last day of the quarter.

SB70,1378,25 (d) The oversight board shall make the reports under par. (c) readily accessible to the public on the corporation's Internet site.

SB70,1379,2 (7) Policies and procedures. The corporation shall establish policies and procedures to administer this section.

SB70,2567 Section 2567 . 238.30 (2m) (a) of the statutes is amended to read:

SB70,1379,10 238.30 (2m) (a) Except as provided in par. (b) and s. 238.308 (1) (b), “full-time job" means a regular, nonseasonal full-time position in which an individual, as a condition of employment, is required to work at least 2,080 hours per year, including paid leave and holidays, and for which the individual receives pay that is equal to at least 150 percent of the federal minimum wage and benefits that are not required by federal or state law. “Full-time job" does not include initial training before an employment position begins.

SB70,2568 Section 2568 . 238.308 (1) of the statutes is renumbered 238.308 (1) (intro.) and amended to read:

SB70,1379,13 238.308 (1) Definition Definitions. (intro.) In this section,:

SB70,1379,15 (a) “eligible Eligible employee" means a person employed in a full-time job by a person certified under sub. (2).

SB70,2569 Section 2569 . 238.308 (1) (b) of the statutes is created to read:

SB70,1379,18 238.308 (1) (b) 1. Except as provided in subd. 2., “full-time job” has the meaning given in s. 238.30 (2m).

SB70,1379,23 2. For contracts executed by the corporation under this section after December 31, 2023, “full-time job” means a regular, nonseasonal full-time position for which an individual receives pay that is equal to at least $32,000 and benefits that are not required by federal or state law. “Full-time job" does not include initial training before an employment position begins.

SB70,2570 Section 2570 . 238.308 (4) (a) 1. of the statutes is amended to read: