SB180: Bill Text

SB180,11,5 234.661 (3) (em) The authority shall divide the state into regions based on the service jurisdiction as of the effective date of this paragraph .... [LRB inserts date], of each regional planning commission constituted under s. 66.0309, with the counties not served by a regional planning commission as of that date constituting collectively one region. The authority shall, to the extent feasible, expend any of the moneys deposited into the fund under sub. (2) (a) 1. in the 2023-25 fiscal biennium that are unencumbered on the effective date of this paragraph .... [LRB inserts date], in such a way that no region receives more than 12.5 percent of the total moneys deposited into the fund under sub. (2) (a) 1. in the 2023-25 fiscal biennium in loans awarded under this subsection.

SB180,27 Section 27. 234.661 (3m) (b) of the statutes is amended to read:

SB180,11,12 234.661 (3m) (b) Require that the full amount of each loan under sub. (3) is secured by one or more unlimited personal or corporate guarantees, unless the developer provides no personal or corporate guarantee on any first mortgage for the eligible project and the developer’s total debt associated with project does not exceed 75 percent of the total collateral value of the project, as determined by the authority.

SB180,28 Section 28. 234.661 (5) (b) 4. of the statutes is amended to read:

SB180,11,15 234.661 (5) (b) 4. An identification of the eligible political subdivision governmental unit with respect to which the loan was awarded.

SB180,29 Section 29. 234.662 (1) (c) of the statutes is renumbered 234.662 (1) (c) (intro.) and amended to read:

SB180,11,20 234.662 (1) (c) (intro.) “Developer” means a person other than a city, village, town, or county, that converts a vacant commercial building to residential use. and that is any of the following:

SB180,11,21 1. A person other than a city, village, town, or county.

SB180,30 Section 30. 234.662 (1) (c) 2. of the statutes is created to read:

SB180,11,24 234.662 (1) (c) 2. A tribal housing authority or business entity created by a tribal council.

SB180,31 Section 31. 234.662 (1) (d) of the statutes is amended to read:

SB180,12,4 234.662 (1) (d) “Eligible political subdivision governmental unit” means the city, village, town, or county governmental unit having jurisdiction over an eligible project, as determined by the authority.

SB180,32 Section 32. 234.662 (1) (e) (intro.) of the statutes is amended to read:

SB180,12,11 234.662 (1) (e) (intro.) “Eligible project” means a construction project for the conversion of a vacant commercial building to a new residential housing development, or a construction project for the conversion of a vacant commercial building to a new mixed-use development that contains a residential housing development, that consists of workforce housing or senior housing if all of the following apply:

SB180,33 Section 33. 234.662 (1) (e) 3. of the statutes is repealed.

SB180,34 Section 34. 234.662 (1) (e) 4. of the statutes is repealed.

SB180,35 Section 35. 234.662 (1) (em) of the statutes is created to read:

SB180,12,16 234.662 (1) (em) “Governmental unit” means a city, village, town, county, or federally recognized American Indian tribe or band.

SB180,36 Section 36. 234.662 (1) (f) of the statutes is renumbered 234.662 (1) (f) (intro.) and amended to read:

SB180,12,20 234.662 (1) (f) (intro.) “Residential housing” means single-family or multifamily housing for rent or sale that to which any of the following applies:

SB180,12,21 1. The housing is subject to taxation under ch. 70.

SB180,37 Section 37. 234.662 (1) (f) 2. of the statutes is created to read:

SB180,13,2 234.662 (1) (f) 2. The housing is not subject to taxation under ch. 70 because, on the effective date of this subdivision .... [LRB inserts date], it is designated as reservation lands, as defined in s. 165.92 (1) (a), or as trust lands, as defined in s. 165.92 (1) (d).

SB180,38 Section 38. 234.662 (1) (g) of the statutes is amended to read:

SB180,13,7 234.662 (1) (g) “Residential housing development” means residential housing that consists of 16 or more dwelling units in a governmental unit with a population greater than 10,000 or residential housing that consists of 4 or more dwelling units in a governmental unit with a population of 10,000 or less.

SB180,39 Section 39. 234.662 (3) (b) (intro.) of the statutes is amended to read:

SB180,13,18 234.662 (3) (b) (intro.) From the commercial-to-housing conversion revolving loan fund, the authority may award loans to developers to cover construction costs for an eligible project for a new residential housing development, including demolition, or for construction costs associated with constructing residential housing for an eligible project for a new mixed-use development, including demolition. Any developer may apply to the authority for a loan in accordance with the application process established by the authority under par. (c), but the authority may not award the loan unless the developer and the eligible political subdivision governmental unit demonstrate to the satisfaction of the authority in one or more forms prescribed by the authority that all of the following apply:

SB180,40 Section 40. 234.662 (3) (b) 3. of the statutes is renumbered 234.662 (3) (b) 3. (intro.) and amended to read:

SB180,14,10 234.662 (3) (b) 3. (intro.) The eligible political subdivision governmental unit has reduced the cost of residential housing in connection with the eligible project by voluntarily revising zoning ordinances, subdivision regulations, or other land development regulations to increase development density, expedite approvals, reduce impact, water connection, and inspection fees, or reduce parking, building, or other development costs with respect to the development of residential housing supported by the project. The governmental unit’s revisions to the ordinances or regulations shall include revisions that were made in connection with the eligible project and revisions that generally apply to residential housing projects within the governmental unit. For purposes of this subdivision, the political subdivision governmental unit in cooperation with the developer shall submit to the authority a cost reduction analysis in a form prescribed by the authority and signed by the developer and the head of the political subdivision’s governmental unit’s governing body that shows the includes the following:

SB180,14,18 a. Information that clearly shows the estimated time or dollar amount saved by the developer and the estimated percentage reduction in housing costs for each cost reduction measures measure, including any time saving measures measure, undertaken by the political subdivision governmental unit on or after January 1, 2023, that have has reduced the cost of residential housing in connection with the eligible project. The signed analysis shall clearly show for each time saving or cost reduction measure the estimated time or dollar amount saved by the developer and the estimated percentage reduction in housing costs.

SB180,41 Section 41. 234.662 (3) (b) 3. b. of the statutes is created to read:

SB180,15,3 234.662 (3) (b) 3. b. Information that clearly shows the estimated time or dollar amount reduction and estimated percentage reduction in housing costs for each cost reduction measure, including any time saving measure, undertaken by the governmental unit on or after January 1, 2023, that generally applies to residential housing projects within the governmental unit and that has reduced the cost of residential housing within the governmental unit. These cost and time saving measures may include the cost and time saving measures of the eligible project.

SB180,42 Section 42. 234.662 (3) (b) 4. of the statutes is amended to read:

SB180,15,7 234.662 (3) (b) 4. The eligible political subdivision governmental unit is in compliance with the requirements under ss. 66.1001, 66.10013, and 66.10014, to the extent those requirements apply to the political subdivision governmental unit.

SB180,43 Section 43. 234.662 (3) (b) 5. of the statutes is amended to read:

SB180,15,16 234.662 (3) (b) 5. The If applicable, the eligible political subdivision governmental unit has updated the housing element of its comprehensive plan under s. 66.1001 (2) (b) within the 5 years immediately preceding the date of the loan application. This condition may be satisfied if, within the 5 years immediately preceding the date of the loan application, the governmental unit adopts an ordinance or resolution certifying that the housing element of its current comprehensive plan provides an adequate housing supply that meets existing and forecasted housing demand in the governmental unit.

SB180,44 Section 44. 234.662 (3) (c) of the statutes is amended to read:

SB180,16,2 234.662 (3) (c) The authority shall establish a semiannual application process for the award of loans under this subsection. If in any application cycle there are insufficient moneys available in the commercial-to-housing conversion revolving loan fund to fund all applications that meet the requirements under par. (b) and are otherwise acceptable to the authority, the authority shall prioritize funding loans for eligible projects in eligible political subdivisions governmental units that have reduced the cost of residential housing as described in par. (b) 3. but with respect to the political subdivision governmental unit as a whole.

SB180,45 Section 45. 234.662 (3) (d) 2. of the statutes is amended to read:

SB180,16,6 234.662 (3) (d) 2. No loan awarded under this subsection may exceed $1,000,000 per eligible project or 20 33 percent of the total project costs related to constructing residential housing, including any land purchase, whichever is less.

SB180,46 Section 46. 234.662 (3) (fm) of the statutes is created to read:

SB180,16,17 234.662 (3) (fm) The authority shall divide the state into regions based on the service jurisdiction as of the effective date of this paragraph .... [LRB inserts date], of each regional planning commission constituted under s. 66.0309, with the counties not served by a regional planning commission as of that date constituting collectively one region. The authority shall, to the extent feasible, expend any of the moneys deposited into the fund under sub. (2) (a) 1. in the 2023-25 fiscal biennium that are unencumbered on the effective date of this paragraph .... [LRB inserts date], in such a way that no region receives more than 12.5 percent of the total moneys deposited into the fund under sub. (2) (a) 1. in the 2023-25 fiscal biennium in loans awarded under this subsection.

SB180,47 Section 47. 234.662 (3m) (b) of the statutes is amended to read:

SB180,16,24 234.662 (3m) (b) Require that the full amount of each loan awarded under sub. (3) is secured by one or more unlimited personal or corporate guarantees, unless the developer provides no personal or corporate guarantee on any first mortgage for the eligible project and the developer’s total debt associated with the project does not exceed 75 percent of the total collateral value of the project, as determined by the authority.

SB180,48 Section 48. 234.662 (5) (b) 4. of the statutes is amended to read:

SB180,17,3 234.662 (5) (b) 4. An identification of the eligible political subdivision governmental unit with respect to which the loan was awarded.

SB180,17,4 (end)