Amendment SSA1-SB61

LRBs0276/1

JS:jlg:jf

1997 - 1998 LEGISLATURE

SENATE SUBSTITUTE AMENDMENT 1, TO 1997 SENATE BILL 61

October 22, 1997 - Offered by Senator C. Potter.

SB61-SSA1,1,3 An Act to create 70.11 (4g) of the statutes; relating to: creating a property tax exemption for nonprofit organizations that rehabilitate housing for sale to low-income persons.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB61-SSA1, s. 1 Section 1. 70.11 (4g) of the statutes is created to read:

SB61-SSA1,1,7 70.11 (4g) Real property held for rehabilitation or future construction and later sale to low-income persons. Real property owned by a nonprofit organization if all of the following requirements are fulfilled:

SB61-SSA1,1,10 (a) The nonprofit organization holds the property for the purpose of rehabilitating an existing structure or constructing a new structure on the property for sale to low-income persons for use as a personal residence.

SB61-SSA1,1,12 (b) The nonprofit organization offers low-income persons loans to purchase the property for which no interest is charged.

SB61-SSA1,2,2 (c) The nonprofit organization requires prospective purchasers to participate in the rehabilitation or construction of the property.

SB61-SSA1,2,4 (d) The nonprofit organization acquired the property within 3 years before the assessment date.

SB61-SSA1, s. 2 Section 2. Effective date.

SB61-SSA1,2,6 (1) This act takes effect on the January 1 after publication.

SB61-SSA1,2,7 (End)