Amendment AA3-SB305

LRBa1864/1

MES&JK:kjf:jf

2003 - 2004 LEGISLATURE

ASSEMBLY AMENDMENT 3, TO 2003 SENATE BILL 305

January 20, 2004 - Offered by Representatives Berceau, J. Lehman, Pocan and Hebl.

SB305-AA3,1,2 At the locations indicated, amend the bill, as shown by senate substitute amendment 1, as follows:

SB305-AA3,1,3 1. Page 5, line 1: before that line insert:

SB305-AA3,1,4 " Section 1c. 66.1103 (2) (k) 20. of the statutes is amended to read:

SB305-AA3,1,9 66.1103 (2) (k) 20. A shopping center, or an office building, convention or trade center, hotel, motel or other nonresidential facility, which is located in or adjacent to a blighted area as defined by s. 66.1105 (2) (a) 66.1105 (2) (af), 66.1331 (3) (a) or 66.1333 (2m) (b) or in accordance with a redevelopment plan or urban renewal plan adopted under s. 66.1331 (5) or 66.1333 (6).

SB305-AA3, s. 1e Section 1e. 66.1105 (2) (a) 1. of the statutes is renumbered 66.1105 (2) (af) 1.

SB305-AA3, s. 1g Section 1g. 66.1105 (2) (a) 2. of the statutes is renumbered 66.1105 (2) (af) 2.

SB305-AA3, s. 1i Section 1i. 66.1105 (2) (ab) of the statutes is created to read:

SB305-AA3,2,2 66.1105 (2) (ab) "Affordable housing" means a housing unit for which the annual housing payment equals any of the following:

SB305-AA3,2,6 1. For owner-occupied housing, the sum of loan principal and interest, property taxes, property and mortgage insurance, and association dues, such that this amount represents no more than 30 percent of the annual gross household income of a low-income household or very low-income household.

SB305-AA3,2,9 2. For rental or cooperative housing, rental payments of not more than 30 percent, or 35 percent if heat is not included, of the annual gross household income of a low-income household or very low-income household.

SB305-AA3, s. 1k Section 1k. 66.1105 (2) (cd) of the statutes is created to read:

SB305-AA3,2,14 66.1105 (2) (cd) "Low income" means gross household income, adjusted for family size, that is between 51 percent and 80 percent of the county or metropolitan median income, as is most recently published by the U.S. department of housing and urban development.".

SB305-AA3,2,15 2. Page 5, line 1: delete " Section 1" and substitute "Section 1t".

SB305-AA3,2,16 3. Page 6, line 21: after that line insert:

SB305-AA3,2,17 " Section 5m. 66.1105 (2) (n) of the statutes is created to read:

SB305-AA3,2,21 66.1105 (2) (n) "Very low income" means gross household income, adjusted for family size, that is at or below 50 percent of the county or metropolitan median income, as is most recently published by the U.S. department of housing and urban development.".

SB305-AA3,2,22 4. Page 10, line 3: after that line insert:

SB305-AA3,2,23 " Section 11m. 66.1105 (4) (gm) 7. of the statutes is created to read:

SB305-AA3,3,4 66.1105 (4) (gm) 7. Requires that the city set aside 10 percent of the proceeds of the bonds or notes that are issued to pay the tax incremental district's project costs and uses such proceeds to foster the development of, or provide assistance to residents of, affordable housing in the city.".

SB305-AA3,3,5 (End)