SB21,1431,2017 235.0291 (1) In this section, "minority business", "minority financial adviser"
18and "minority investment firm" mean a business, financial adviser and investment
19firm, respectively, certified by the department of administration under s. 16.287
20203.07 (2).
SB21,3873 21Section 3873 . 234.36 of the statutes is renumbered 235.0293, and 235.0293
22(1), as renumbered, is amended to read:
SB21,1431,2523 235.0293 (1) In this section, "business," "financial adviser," and "investment
24firm" mean a business, financial adviser, and investment firm certified by the
25department of administration
under s. 16.283 203.03 (3).
SB21,3874
1Section 3874. 234.40 of the statutes is renumbered 235.409, and 235.409 (2),
2(3) and (4), as renumbered, are amended to read:
SB21,1432,93 235.409 (2) Bonds issued under the authority of this section are payable out
4of revenues or moneys received from the repayment of veterans housing loans and
5related funds made available in ss. 234.42 235.42 and 234.43 235.43. All assets and
6liabilities created through the issuance of bonds to purchase mortgage loans
7representing veterans housing loans are to be separate from all other assets and
8liabilities of the authority. No funds of the veterans housing loan program may be
9commingled with any other funds of the authority.
SB21,1432,14 10(3) It is the intent of the legislature that the authority be used to finance the
11veterans housing program. Nothing in this chapter subchapter shall be construed
12to supersede the powers vested by subch. III of ch. 45 in the department of veterans
13affairs for carrying out program responsibilities for which debt has been incurred by
14the authority.
SB21,1432,19 15(4) The limitations established in ss. 234.18, 234.50, 234.60, 234.61, and 234.65
16235.0255, 235.50, 235.60, and 235.61 are not applicable to bonds issued under the
17authority of this section. The authority may not have outstanding at any one time
18bonds for veterans housing loans in an aggregate principal amount exceeding
19$61,945,000, excluding bonds being issued to refund outstanding bonds.
SB21,3875 20Section 3875. 234.41 of the statutes is renumbered 235.41, and 235.41 (3), as
21renumbered, is amended to read:
SB21,1433,322 235.41 (3) Moneys of the veterans housing loan fund may be invested as
23provided in s. 234.03 (18) policies and procedures established by the authority. All
24such investments shall be the exclusive property of the fund. All earnings on or
25income from such investments shall be credited to the fund, paid over to the

1department of veterans affairs and deposited in the veterans trust fund after
2payment or repayment of any deficits arising in the veterans capital reserve fund and
3after payment of expenses contained in sub. (4).
SB21,3876 4Section 3876. 234.42 of the statutes is renumbered 235.42, and 235.42 (1s)
5and (4), as renumbered, are amended to read:
SB21,1433,126 235.42 (1s) The authority shall establish the veterans capital reserve fund to
7secure the veterans housing bonds sold pursuant to s. 234.40 235.409, and shall pay
8into the veterans capital reserve fund any moneys appropriated and made available
9by the state for the purposes of such fund, any proceeds of sale of bonds, to the extent
10provided in the resolution of the authority authorizing the issuance thereof and any
11other moneys which are made available to the authority for the purpose of such fund
12from any other source.
SB21,1434,3 13(4) To assure the continued operation and solvency of the authority for the
14carrying out of the veterans housing loan program of this chapter subchapter, the
15authority shall accumulate in the veterans capital reserve fund an amount equal to
16the veterans capital reserve fund requirement. If at any time the veterans capital
17reserve fund requirement exceeds the amount of the veterans capital reserve fund,
18the chairperson of the authority shall certify to the secretary of administration, the
19governor and the joint committee on finance, the amount necessary to restore the
20veterans capital reserve fund to an amount equal to the veterans capital reserve fund
21requirement. If such certification is received by the secretary of administration in
22an even-numbered year prior to the completion of the budget compilation under s.
2316.43, the secretary shall include the certified amount in the budget compilation. In
24any case, the joint committee on finance shall introduce in either house, in bill form,
25an appropriation of the amount so certified to the veterans capital reserve fund of the

1authority. Recognizing its moral obligation to do so, the legislature hereby expresses
2its expectation and aspiration that, if ever called upon to do so, it shall make such
3appropriation.
SB21,3877 4Section 3877. 234.43 of the statutes is renumbered 235.43, and 235.43 (1), as
5renumbered, is amended to read:
SB21,1434,116 235.43 (1) The authority shall establish the veterans housing bond redemption
7fund. All mortgages purchased with moneys from the veterans housing loan fund
8shall be the exclusive property of the bond redemption fund. All moneys received by
9the authority from the repayment of veterans housing loans shall be deposited into
10such fund to be used for the repayment of veterans housing bonds issued pursuant
11to s. 234.40 235.409.
SB21,3878 12Section 3878. 234.44 of the statutes is renumbered 235.44 and amended to
13read:
SB21,1435,2 14235.44 Validation of certain obligations and proceedings.
15Notwithstanding any provision of this chapter or any other law, in the absence of
16fraud, all obligations issued prior to May 4, 1976 purportedly pursuant to this
17chapter ch. 234, 2013 stats., and all proceedings prior to such time taken purportedly
18pursuant to this chapter ch. 234, 2013 stats., for the authorization and issuance of
19such obligations or of obligations not yet issued, and the sale, execution, and delivery
20of such obligations issued prior to May 4, 1976, are hereby validated, ratified,
21approved, and confirmed, notwithstanding any lack of power, however patent, other
22than constitutional, of the issuing authority or the governing body or officer thereof,
23to authorize such obligations, or to sell, execute, or deliver the same, and
24notwithstanding any defects or irregularities, however patent, other than
25constitutional, in such proceeding or in such sale, execution, or delivery of such

1obligations. All such obligations issued prior to May 4, 1976 are binding, legal
2obligations in accordance with their terms.
SB21,3879 3Section 3879. 234.49 of the statutes is renumbered 235.49, and 235.49 (1)
4(intro.) and (2) (a) (intro.), 6. and 8., as renumbered, are amended to read:
SB21,1435,55 235.49 (1) Definitions. (intro.) In ss. 234.49 235.49 to 234.55 235.55:
SB21,1435,8 6(2) (a) (intro.) The authority has the following powers for the purpose of
7implementing this section, in addition to all other powers granted by this chapter
8subchapter:
SB21,1435,159 6. To enter into contracts or agreements with authorized lenders and sponsors
10providing for the maximum and minimum acceptable rates of interest to be charged
11for various classifications of housing rehabilitation loans. In no event may the stated
12rate of interest on any housing rehabilitation loan under this section exceed the
13greater of 8% per year or 3% plus the rate necessary to fully repay interest and
14principal on housing rehabilitation loan program bonds issued pursuant to s. 234.50
15235.50.
SB21,1435,1716 8. To adopt procedures and forms necessary to effectuate the rehabilitation
17program or to facilitate the marketing of bonds issued under s. 234.50 235.50.
SB21,3880 18Section 3880. 234.50 of the statutes is renumbered 235.50, and 235.50 (1), (2)
19and (4), as renumbered, are amended to read:
SB21,1436,520 235.50 (1) The authority may issue its negotiable bonds in such principal
21amount and of such length of maturity as, in the opinion of the authority, is necessary
22to provide sufficient funds for purchasing housing rehabilitation loans or for funding
23commitments for loans to lenders for housing rehabilitation loans; for purchasing
24property tax deferral loans under s. 234.49 235.49 (2) (a) 10.; for the establishment
25of reserves to secure such bonds; and for all other expenditures of the authority

1incident to or necessary and convenient in connection therewith. The authority may,
2whenever it deems refunding expedient, refund any bonds by the issuance of new
3bonds whether the bonds to be refunded have or have not matured, and issue bonds
4partly to refund bonds then outstanding and partly for the purpose authorized by
5this section.
SB21,1436,15 6(2) Bonds issued under the authority of this section shall be special obligations
7of the authority payable solely out of revenues, moneys or other property received in
8connection with the housing rehabilitation loan program, including, without
9limitation, repayments of housing rehabilitation loans, federal insurance or
10guarantee payments, the proceeds of bonds issued under the authority of this
11section, and the amounts made available under ss. 234.54 235.54 and 234.55 235.55.
12All assets and liabilities created through the issuance of bonds to purchase housing
13rehabilitation loans shall be separate from all other assets and liabilities of the
14authority. No funds of the housing rehabilitation loan program may be commingled
15with any other funds of the authority.
SB21,1436,22 16(4) The limitations established in ss. 234.18, 234.40, 234.60, 234.61, and 234.65
17235.0255, 235.409, 235.60, and 235.61 are not applicable to bonds issued under the
18authority of this section. The authority may not have outstanding at any one time
19bonds for housing rehabilitation loans in an aggregate principal amount exceeding
20$100,000,000, excluding bonds being issued to refund outstanding bonds. The
21authority shall consult with and coordinate the issuance of bonds with the building
22commission prior to the issuance of bonds.
SB21,3881 23Section 3881. 234.51 of the statutes is renumbered 235.51, and 235.51 (1), (2)
24(a) and (3), as renumbered, are amended to read:
SB21,1437,6
1235.51 (1) There is established under the jurisdiction of the authority a housing
2rehabilitation loan program administration fund. There shall be paid into such fund
3the amounts appropriated under s. 20.490 20.885 (2) (a) (ad), the amounts provided
4in s. 234.55 235.55, any amounts transferred by the authority to such fund from other
5funds or sources and any other moneys which may be available to the authority for
6the purpose of such fund from any other source.
SB21,1437,10 7(2) (a) To pay all administrative costs, expenses, and charges, including
8origination fees and servicing fees, incurred in conducting the housing rehabilitation
9loan program other than those described in ss. 234.53 235.53 (4) and 234.55 235.55
10(2) (b).
SB21,1437,14 11(3) Moneys of the fund may be invested as provided in s. 234.03 (18) policies
12and procedures established by the authority
. All such investments shall be the
13exclusive property of the fund. All earnings on or income from such investments
14shall be credited to the fund.
SB21,3882 15Section 3882. 234.52 of the statutes is renumbered 235.52, and 235.52 (1), (2)
16and (3), as renumbered, are amended to read:
SB21,1437,2217 235.52 (1) There is established under the jurisdiction of the authority a housing
18rehabilitation loan program loan-loss reserve fund. There shall be paid into such
19fund the amounts appropriated under s. 20.490 20.885 (2) (q), the amounts provided
20under s. 234.55 235.55, any amounts transferred by the authority to such fund from
21other funds or sources and any other moneys which may be available to the authority
22for the purposes of such fund from any other source.
SB21,1438,5 23(2) Subject to agreements with bondholders, the authority shall use moneys in
24the fund solely for transfer to the housing rehabilitation loan program bond
25redemption fund in amounts equal to losses on housing rehabilitation loans owned

1by that fund which are not made good by federal insurance or guarantee payments,
2and solely for the purposes described in s. 234.55 235.55 (2) (a). Any balance
3remaining after payment or due provision for payment of all outstanding bonds
4issued under the authority of s. 234.50 235.50 shall be transferred to the housing
5rehabilitation loan program administration fund.
SB21,1438,9 6(3) Moneys of the fund may be invested as provided in s. 234.03 (18) policies
7and procedures established by the authority
. All such investments shall be the
8exclusive property of the fund. All earnings on or income from such investments
9shall be credited to the fund.
SB21,3883 10Section 3883. 234.53 of the statutes is renumbered 235.53, and 235.53 (1), (2)
11and (3), as renumbered, are amended to read:
SB21,1438,1612 235.53 (1) The authority shall establish the housing rehabilitation loan fund.
13All moneys resulting from the sale of bonds issued under the authority of s. 234.50
14235.50, not including bonds issued to refund outstanding bonds, and unless credited
15to the housing rehabilitation loan program capital reserve or bond redemption funds,
16shall be credited to such fund.
SB21,1438,21 17(2) The authority shall use moneys in the fund for the purpose of purchasing
18housing rehabilitation loans or for funding commitments for loans to lenders for
19housing rehabilitation loans. All disbursements of funds under this section for
20purchasing such loans shall be made payable to an authorized lender as defined in
21s. 234.49 235.49 (1) (b) or a duly authorized agent thereof.
SB21,1438,25 22(3) Moneys of the fund may be invested as provided in s. 234.03 (18) policies
23and procedures established by the authority
. All such investments shall be the
24exclusive property of the fund. All earnings on or income from such investments
25shall be credited to the fund.
SB21,3884
1Section 3884. 234.54 of the statutes is renumbered 235.54, and 235.54 (1r)
2and (4) (a), as renumbered, are amended to read:
SB21,1439,93 235.54 (1r) The authority shall establish the housing rehabilitation loan
4program capital reserve fund to secure the bonds issued under the authority of s.
5234.50 235.50, and shall pay into such fund any moneys appropriated and made
6available by the state for the purposes of such fund, any proceeds of sale of housing
7rehabilitation bonds to the extent provided in the resolution of the authority
8authorizing the issuance thereof and any other moneys which are made available to
9the authority for the purpose of such fund from any other source.
SB21,1439,13 10(4) (a) To assure the continued operation and solvency of the authority for the
11carrying out of the public purposes of this chapter subchapter, the authority shall
12accumulate in the capital reserve fund an amount equal to the capital reserve fund
13requirement for such fund.
SB21,3885 14Section 3885. 234.55 of the statutes is renumbered 235.55, and 235.55 (1) and
15(4), as renumbered, are amended to read:
SB21,1440,316 235.55 (1) The authority shall establish the housing rehabilitation loan
17program bond redemption fund. All housing rehabilitation loans purchased with
18moneys from the housing rehabilitation loan fund or notes evidencing loans to
19lenders from such fund for housing rehabilitation loans shall be the exclusive
20property of such redemption fund. All moneys received from the repayment of such
21loans, any amounts transferred by the authority to such fund pursuant to s. 234.52
22235.52 or from other funds or sources, any federal insurance or guarantee payments
23with respect to such loans, all moneys resulting from the sale of bonds for the purpose
24of refunding outstanding housing rehabilitation bonds unless credited to the housing
25rehabilitation loan program capital reserve fund, and any other moneys which may

1be available to the authority for the purpose of such fund, shall be deposited into such
2fund to be used for the repayment of housing rehabilitation bonds issued under the
3authority of s. 234.50 235.50.
SB21,1440,7 4(4) Moneys of the fund may be invested as provided in s. 234.03 (18) policies
5and procedures established by the authority
. All such investments shall be the
6exclusive property of the fund. All earnings on or income from such investments
7shall be credited to the fund.
SB21,3886 8Section 3886. 234.59 of the statutes is renumbered 235.59, and 235.59 (2) (e)
9and (3) (bc) 3., as renumbered, are amended to read:
SB21,1440,1210 235.59 (2) (e) May enter into agreements to insure or provide additional
11security for homeownership mortgage loans or bonds or notes issued under s. 234.60
12235.60.
SB21,1440,17 13(3) (bc) 3. If the authority sets aside at least 20% of the proceeds of a bond or
14note issuance under s. 234.60 235.60 to fund home ownership mortgage loans for
15eligible properties that are targeted area residences, the authority may apply up to
1633% of the proceeds that are set aside for that purpose without regard to the income
17of the applicant.
SB21,3887 18Section 3887. 234.592 of the statutes is renumbered 235.592, and 235.592 (1)
19(a), (b) and (c) and (2) (c), as renumbered, are amended to read:
SB21,1440,2120 235.592 (1) (a) "Authorized lender" has the meaning given in s. 234.59 235.59
21(1) (a).
SB21,1440,2222 (b) "Eligible property" has the meaning given in s. 234.59 235.59 (1) (d) 1.
SB21,1440,2323 (c) "Principal residence" has the meaning given in. s. 234.59 235.59 (1) (j).
SB21,1440,25 24(2) (c) May enter into agreements to insure or provide additional security for
25loans or bonds or notes issued under s. 234.60 235.60.
SB21,3888
1Section 3888. 234.60 of the statutes is renumbered 235.60, and 235.60 (1), (2),
2(5) (c) and (9), as renumbered, are amended to read:
SB21,1441,53 235.60 (1) The authority may issue its bonds or notes to fund homeownership
4mortgage loans or the refinancing of qualified subprime loans under s. 234.592
5235.592.
SB21,1441,7 6(2) The limitations in ss. 234.18, 234.40, 234.50, 234.61, and 234.65 235.0255,
7235.409, 235.50, and 235.61
do not apply to bonds or notes issued under this section.
SB21,1441,10 8(5) (c) The secretary of administration shall determine the date after which no
9bond or note may be issued under this section for the purpose of financing the
10acquisition or replacement of an existing mortgage under s. 234.592 235.592.
SB21,1441,13 11(9) The executive director of the authority shall make every effort to encourage
12participation in the homeownership mortgage loan program and the qualified
13subprime loan refinancing program by women and minorities.
SB21,3889 14Section 3889. 234.605 of the statutes is renumbered 235.605, and 235.605 (1)
15(a) and (2), as renumbered, are amended to read:
SB21,1441,1716 235.605 (1) (a) "Eligible property" has the meaning given in s. 234.59 235.59
17(1) (d) 1.
SB21,1441,21 18(2) Subject to the approval of all members of the board of directors of the
19authority, the authority may establish and administer a homeowner eviction and
20lien protection program to encourage the refinancing of mortgage loans by lenders
21in order to facilitate the retention of eligible property by persons and families.
SB21,3890 22Section 3890. 234.61 of the statutes is renumbered 235.61, and 235.61 (1), as
23renumbered, is amended to read:
SB21,1442,624 235.61 (1) Upon the authorization of the department of health services, the
25authority may issue bonds or notes and make loans for the financing of housing

1projects which are residential facilities as defined in s. 46.28 (1) (d) and the
2development costs of those housing projects, if the department of health services has
3approved the residential facilities for financing under s. 46.28 (2). The limitations
4in ss. 234.18, 234.40, 234.50, 234.60, and 234.65 235.0255, 235.409, 235.50, and
5235.60
do not apply to bonds or notes issued under this section. The definition of
6"nonprofit corporation" in s. 234.01 235.40 (9) does not apply to this section.
SB21,3891 7Section 3891. 234.621 of the statutes is renumbered 235.621.
SB21,3892 8Section 3892. 234.622 (intro.) of the statutes is renumbered 235.622 (intro.)
9and amended to read:
SB21,1442,10 10235.622 Definitions. (intro.) In ss. 234.621 to 234.626 235.621 to 235.626:
SB21,3893 11Section 3893. 234.622 (1) of the statutes is renumbered 235.622 (1).
SB21,3894 12Section 3894. 234.622 (2m) of the statutes is repealed.
SB21,3895 13Section 3895. 234.622 (3) of the statutes is renumbered 235.622 (3).
SB21,3896 14Section 3896. 234.622 (3m) of the statutes is renumbered 235.622 (3m).
SB21,3897 15Section 3897. 234.622 (4) of the statutes is renumbered 235.622 (4).
SB21,3898 16Section 3898. 234.622 (5) of the statutes is renumbered 235.622 (5) and
17amended to read:
SB21,1442,2418 235.622 (5) "Permitted obligations" means the total amount of outstanding
19liens and judgments on the qualifying dwelling unit if that amount does not exceed
2033% of the value of the unit as determined by the most recent assessment for property
21tax purposes. For purposes of ss. 234.621 235.621 to 234.626 235.626, housing and
22rehabilitation loans under s. 234.49 235.49 and liens arising under ss. 234.621
23235.621 to 234.626 235.626 shall not be considered outstanding liens or judgments
24in computing the amount of permitted obligations.
SB21,3899
1Section 3899. 234.622 (6) of the statutes is renumbered 235.622 (6) and
2amended to read:
SB21,1443,43 235.622 (6) "Program" means the program under ss. 234.621 235.621 to
4234.626 235.626.
SB21,3900 5Section 3900. 234.622 (7) of the statutes is renumbered 235.622 (7) and
6amended to read:
SB21,1443,167 235.622 (7) "Qualifying dwelling unit" means a dwelling unit, not including a
8mobile home as defined in s. 101.91 (10), located in this state, habitable as a
9permanent residence and to which property taxes or special assessments are, or may
10conveniently be, allocated and up to one acre of land appertaining to it held in the
11same ownership as the dwelling unit. For purposes of ss. 234.621 235.621 to 234.626
12235.626, "qualifying dwelling unit" includes a unit in a condominium or in a
13cooperative or an unincorporated cooperative association or in a multiunit dwelling
14with 4 or fewer units, but in all of these 3 cases only the portion of taxes or special
15assessments allocable to the unit lived in by the participant may qualify for loans
16under ss. 234.621 235.621 to 234.626 235.626.
SB21,3901 17Section 3901. 234.623 of the statutes is renumbered 235.623, and 235.623 (1)
18and (3), as renumbered, are amended to read:
SB21,1443,2219 235.623 (1) The participant applies on forms prescribed by the authority for a
20loan to pay property taxes or special assessments by June 30 of the year in which the
21taxes or special assessments are payable on a qualifying dwelling unit and, except
22as provided in s. 234.625 235.625 (5), specifies the names of all co-owners.
SB21,1444,2 23(3) The participant keeps continuously in effect during the period that a loan
24is outstanding under ss. 234.621 235.621 to 234.626 235.626 a fire and extended

1casualty insurance policy on the qualifying dwelling unit satisfactory to the
2authority and permits the authority to be named on the policy as a lienholder.
SB21,3902 3Section 3902. 234.624 of the statutes is renumbered 235.624.
SB21,3903 4Section 3903. 234.625 of the statutes is renumbered 235.625, and 235.625 (1),
5(2), (3), (4) (b) 1. and 6., (5), (9) and (10), as renumbered, are amended to read:
SB21,1444,176 235.625 (1) The authority shall enter into agreements with participants and
7their co-owners to loan funds to pay property taxes and special assessments on their
8qualifying dwelling units. The maximum loan under ss. 234.621 235.621 to 234.626
9235.626 in any one year is limited to the lesser of $3,525 or the amount obtained by
10adding the property taxes levied on the qualifying dwelling unit for the year for
11which the loan is sought, the special assessments levied on the dwelling unit, and the
12interest and penalties for delinquency attributable to the property taxes or special
13assessments. Loans shall bear interest at a rate equal to the prime lending rate at
14the time the rate is set, as reported by the federal reserve board in federal reserve
15statistical release H. 15, plus 1%. The executive director authority shall set the rate
16no later than October 15 of each year, and that rate shall apply to loans made in the
17following year.
SB21,1444,23 18(2) The authority shall have all powers under s. 234.03 that are necessary or
19convenient to the operation of a loan program, including, without limitation because
20of enumeration, the power to enter into contracts, to pay or be paid for the
21performance of services, to exercise all rights of a lienholder under subch. I of ch. 779,
22and to perform other administrative actions that are necessary in the conduct of its
23duties under ss. 234.621 235.621 to 234.626 235.626.
SB21,1445,3 24(3) The authority shall adopt rules policies and establish procedures under
25which applications for loans under this section may be submitted, reviewed, and

1approved; under which repayment of the loans are to be obtained; under which
2disputes and claims concerning the loans are to be settled; and under which records
3concerning are to be maintained.
SB21,1445,6 4(4) (b) 1. Transfer of the qualifying dwelling unit by any means except upon
5transfer to a co-owner who resides in the unit and who is permitted to assume the
6participant's account as provided in s. 234.624 235.624.
SB21,1445,87 6. The participant ceases to meet the eligibility requirements of s. 234.623
8235.623, except as provided in sub. (5).
SB21,1445,16 9(5) If a participant in the program ceases to meet the eligibility requirements
10of this section, the authority, rather than demanding repayment under sub. (4) (b),
11may allow the participant to continue in the program, may allow the participant to
12continue in the program but be ineligible for additional loans, or may require partial
13settlement. The authority may also allow co-owners to be added to the loan
14agreement if, in the judgment of the executive director, the authority determines that
15the addition of co-owners does not significantly increase the authority's exposure to
16risk under the loan agreement.
SB21,1446,14 17(9) Upon the making of the initial loan, a nonconsensual statutory lien in favor
18of the authority to secure payment of the principal, interest, fees and charges due on
19all loans, including loans made after the lien is filed, to the participant made under
20ss. 234.621 235.621 to 234.626 235.626 shall attach to the qualifying dwelling unit
21in respect to which the loan is made. The qualifying dwelling unit shall remain
22subject to the statutory lien until the payment in full of all loans and charges. If the
23authority funds such loans from the proceeds of notes or bonds under s. 234.626
24235.626, its right under the lien shall automatically accrue to the benefit of the
25holders of those notes or bonds, without any action or assignment by the authority.

1When a loan becomes due and payable, the statutory lien hereby conferred may be
2enforced by the authority or the holders of the notes or bonds or their representative,
3as the case may be, in the same manner as a construction lien under ss. 779.09 to
4779.12, except that neither the participant nor any co-owners or their personal
5representatives, successors or assigns shall be personally liable for any deficiency
6which may arise from the sale. At the time of disbursing the initial loan to a
7participant, the authority shall record with the register of deeds of the county in
8which the qualifying dwelling unit is located, on a form prescribed by the authority
9which shall contain a legal description of the qualifying dwelling unit, a notice of the
10loan made under ss. 234.621 235.621 to 234.626 235.626 and the existence of the
11statutory lien arising therefrom. The register of deeds shall record the notice in the
12land records and index it in the indexes maintained by the register of deeds. The
13statutory lien created by this section shall have priority over any lien that originates
14subsequent to the recording of the notice.
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