234.54(3)(a)3.
3. All amounts specified in any resolution of the authority authorizing any of the bonds described in
subd. 1. as payable during the calendar year as a sinking fund payment with respect to any of the bonds which mature after the calendar year.
234.54(3)(b)
(b) The annual debt service calculation made under
par. (a) shall be calculated on the assumption that the bonds will after the date of computation cease to be outstanding by reason, but only by reason, of the payment of bonds when due, and the payment when due and application in accordance with the resolution authorizing those bonds, of all of the sinking fund payments payable at or after the date of computation. However, in computing the annual debt service for any calendar year, bonds considered to have been paid in accordance with the defeasance provisions of the resolution of the authority authorizing the issuance thereof may [shall] not be included in bonds outstanding on the date of computation.
234.54 Note
NOTE:
The bracketed "shall" was inserted by
1995 Wis. Act 225 without being shown as underscored. Act 225 deleted "may" without showing it as stricken. No change was intended. Corrective legislation is pending.
234.54(4)(a)(a) To assure the continued operation and solvency of the authority for the carrying out of the public purposes of this chapter, the authority shall accumulate in the capital reserve fund an amount equal to the capital reserve fund requirement for such fund.
234.54(4)(b)
(b) If at any time the capital reserve fund requirement for the capital reserve fund exceeds the amount of such capital reserve fund, the chairperson of the authority shall certify to the secretary of administration, the governor and the joint committee on finance the amount necessary to restore such capital reserve fund to an amount equal to the capital reserve fund requirement in respect thereto. If such certification is received by the secretary of administration in an even-numbered year prior to the completion of the budget compilation under
s. 16.43, the secretary shall include the certified amount in the budget compilation. In any case, the joint committee on finance shall introduce in either house, in bill form, an appropriation of the amount so certified to the capital reserve fund. Recognizing its moral obligation to do so, the legislature hereby expresses its expectation and aspiration that, if ever called upon to do so, it shall make such appropriation.
234.54(4)(c)
(c) Paragraph (b) applies only to bonds issued before December 31, 1983.
234.54(5)
(5) In computing the amount of the capital reserve fund for the purposes of this section, securities in which all or a portion of such capital reserve fund is invested shall be valued at par, or if purchased at less than par, at their cost to the authority, adjusted to reflect the amortization of discount or premium paid upon their purchase.
234.54(6)
(6) Notwithstanding
subs. (1r) to
(5), the authority, subject to such agreements with bondholders as may then exist, may elect not to secure any particular issue or series of its bonds with the capital reserve fund. Such election shall be made in the resolution authorizing such issue or series. In this event,
subs. (2) and
(3) shall not apply to the bonds of such issue or series in that they shall not be entitled to payment out of or be eligible for purchase by such fund nor may they be taken into account in computing or applying any capital reserve fund requirement.
234.55
234.55
Housing rehabilitation loan program bond redemption fund. 234.55(1)(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, and any other moneys which may be available to the authority for the purpose of such fund, shall be deposited into such fund to be used for the repayment of housing rehabilitation bonds issued under the authority of
s. 234.50.
234.55(2)
(2) Subject to agreements with bondholders and except as provided in
sub. (3), the authority may use moneys in the fund solely:
234.55(2)(a)
(a) For the payment of the principal of and interest on housing rehabilitation bonds of the authority when the same become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid when such bonds are redeemed prior to their stated maturities, and to purchase such bonds;
234.55(2)(b)
(b) To pay actual and necessary expenses incurred to service and administer outstanding housing rehabilitation bonds, including fees and expenses of trustees and paying agents, and to collect housing rehabilitation loans;
234.55(2)(c)
(c) For transfer to the housing rehabilitation loan program loan loss reserve fund; or
234.55(2)(d)
(d) For transfer to the housing rehabilitation loan fund.
234.55(3)
(3) Any balance remaining after satisfaction of all obligations under
sub. (2) shall be transferred to the housing rehabilitation loan program administration fund only for the purpose of deposit in the state general fund.
234.55(4)
(4) Moneys of the fund may be invested as provided in
s. 234.03 (18). All such investments shall be the exclusive property of the fund. All earnings on or income from such investments shall be credited to the fund.
234.55 History
History: 1977 c. 418;
1985 a. 29 s.
3200 (28).
234.59
234.59
Homeownership mortgage loan program. 234.59(1)(a)
(a) "Authorized lender" means a bank, savings bank, savings and loan association, credit union or mortgage banker.
234.59(1)(d)
(d) "Eligible property" means any of the following:
234.59(1)(d)1.
1. A residential structure having a single dwelling unit, if the structure is or will be the principal residence of an applicant.
234.59(1)(d)2.
2. A residential structure having no more than 4 dwelling units, if one of the units is or will be the principal residence of an applicant and the structure is an existing dwelling first occupied at least 5 years before execution of a homeownership mortgage loan secured by the dwelling.
234.59(1)(d)3.
3. A dwelling unit in a condominium or cooperative, together with an interest in common areas, if the unit is or will be the principal residence of an applicant.
234.59(1)(d)4.
4. A residential structure having 2 dwelling units, if one of the units will be the principal residence of an applicant and if the structure is a new dwelling and a targeted area residence.
234.59(1)(e)
(e) "Existing dwelling" means a previously occupied dwelling.
234.59(1)(f)
(f) "Homeownership mortgage loan" means a loan to finance the construction, long-term financing or qualified rehabilitation of an eligible property by an applicant.
234.59(1)(g)
(g) "Median income" means median family income as determined by the U.S. department of housing and urban development.
234.59(1)(h)
(h) "Mortgage banker" means a mortgage banker registered under
s. 224.72, but does not include a person licensed under
s. 138.09.
234.59(1)(i)
(i) "New dwelling" means a dwelling which has never been occupied.
234.59(1)(j)
(j) "Principal residence" means an eligible property in this state which an applicant maintains as a full-time residence, but does not use as a vacation home or for trade or business purposes.
234.59(2)
(2) Powers and duties of the authority. The authority shall establish and administer a homeownership mortgage loan program to encourage and to facilitate the acquisition or rehabilitation of eligible property by applicants. To implement the program, the authority:
234.59(2)(a)
(a) May enter into contracts permitting an authorized lender to make or service homeownership mortgage loans or both.
234.59(2)(c)
(c) Shall maintain a current list of authorized lenders.
234.59(2)(e)
(e) May enter into agreements to insure or provide additional security for homeownership mortgage loans or bonds or notes issued under
s. 234.60.
234.59(3)(a)(a) The amount of a homeownership mortgage loan may not exceed the lesser of 97% of the purchase price or 97% of the appraised value of the eligible property.
234.59(3)(b)1.a.a. Except as provided in
subd. 1. c., a homeownership mortgage loan may not be made to an applicant if the applicant's income combined, except as provided in
subd. 1. b., with the income from all sources of all persons who intend to occupy the same dwelling unit as that applicant, exceeds 110% of the median income of the county where the eligible property is located if the eligible property is not a targeted area residence or exceeds 140% of the median income of the county where the eligible property is located if the eligible property is a targeted area residence.
234.59(3)(b)1.b.
b. For the purpose of
subd. 1., no earned income of any minor who will occupy the same dwelling unit as the applicant may be considered.
234.59(3)(b)1.c.
c. If the authority sets aside at least 20% of the proceeds of a bond or note issuance under
s. 234.60 to fund homeownership mortgage loans for eligible properties that are targeted area residences, the authority may apply up to 33% of the proceeds that are set aside for that purpose without regard to the income of the applicant.
234.59(3)(b)2.
2. If the number of persons intending to occupy an eligible property consists of more or less than 4 persons, the authority may increase the percentage given under
subd. 1. a. by not more than 5% for each person more than 4, or decrease that percentage by not more than 5% for each person less than 4.
234.59(3)(c)
(c) The authority shall notify an eligible lender if it receives a certification under
s. 49.855 (7) that a person is delinquent in child support or maintenance payments or owes past support, medical expenses or birth expenses. An eligible lender may not make a loan to an applicant if it receives notification under this paragraph concerning the applicant.
234.59(3)(e)
(e) A homeownership mortgage loan may not be made to finance the acquisition or replacement of an existing mortgage given by an applicant. This paragraph does not apply to any of the following:
234.60
234.60
Bonds for homeownership mortgage loans. 234.60(1)(1) The authority may issue its bonds or notes to fund homeownership mortgage loans.
234.60(3)(a)(a) The authority may not have outstanding at any time in aggregate principal amount of bonds or notes issued under this section before January 1, 1983 more than $150,000,000 less not more than $50,000,000 in aggregate principal amount of revenue obligations issued subject to
s. 45.79 (6) (c) on or after May 8, 1982 and before November 1, 1982.
234.60(3)(b)
(b) The authority may not have outstanding at any time in aggregate principal amount of bonds or notes issued under this section from January 1, 1983, to December 31, 1983, more than $185,000,000 less not more than $50,000,000 in aggregate principal amount of revenue obligations issued subject to
s. 45.79 (6) (c) from January 1, 1983, to October 31, 1983.
234.60(3)(bs)
(bs) The authority may not issue in 1987 bonds or notes the aggregate principal amount of which exceeds the greater of the following:
234.60(3)(bs)1.
1. An amount equal to 8.55% of the average annual aggregate principal amount of mortgages executed during the 3 years preceding the year of issuance for single-unit, owner-occupied dwellings in this state.
234.60(3)(c)
(c) The limitations in
pars. (a) and
(b) do not include bonds or notes issued to refund outstanding bonds or notes issued under this section. "Principal amount" as used in
pars. (a) and
(b) means the issue price, as defined in
26 USC 1232 (b) (2) as amended to November 17, 1983.
234.60(4)
(4) Before issuing bonds or notes under this section, the authority shall consult and coordinate the bond or note issue with the building commission.
234.60(5)(a)(a) The secretary of administration shall determine the date after which no bond or note issued may be treated as a qualified mortgage bond under
26 USC 143 (a) (1).
234.60(5)(b)
(b) No bonds or notes may be issued under this section after the date determined under
par. (a), except bonds or notes issued to refund outstanding bonds or notes issued under this section.
234.60(9)
(9) The executive director of the authority shall make every effort to encourage participation in the homeownership mortgage loan program by women and minorities.
234.60 Note
NOTE:
Chapter 349, laws of 1981, which created this section, has a lengthy "Legislative declaration" in section 1.
234.621
234.621
Property tax deferral loans; purpose. The legislature finds that older individuals who have resided in their homes for a substantial period of time have found it difficult to remain in their own homes because their incomes are insufficient to cover property taxes, which have risen as the value of their homes has increased. The legislature finds that it is in the public interest and that it serves a statewide public purpose to create a program whereby lien-creating loans are made to low- and moderate-income elderly homeowners for the purpose, and only for the purpose, of enabling individuals to pay local, general property taxes and special assessments on their homes so that more of these individuals can remain in their homes.
234.621 History
History: 1981 c. 20,
317;
1991 a. 269 s.
510s; Stats. 1991 s. 16.993;
1993 a. 16 s.
130b; Stats. 1993 s. 234.621.
234.622
234.622
Definitions. In this subchapter:
234.622(1)
(1) "Coowner" means a natural person who, at the time of the initial application has an ownership interest in the qualifying dwelling unit of a participant in the program and fulfills one of the following requirements:
234.622(1)(a)
(a) Is the participant's spouse and a physician certifies that the participant or the coowner is permanently disabled.
234.622(2m)
(2m) "Executive director" means the executive director of the authority.
234.622(3)
(3) "Free and clear" means that rights to transfer full title to the qualifying dwelling unit after satisfaction of permitted obligations are vested in the participant and coowners.
234.622(3m)
(3m) "Ownership interest" includes being a spouse of a participant.
234.622(4)
(4) "Participant" means a natural person 65 years of age or older who has been accepted into the program.
234.622(5)
(5) "Permitted obligations" means the total amount of outstanding liens and judgments on the qualifying dwelling unit if that amount does not exceed 33% of the value of the unit as determined by the most recent assessment for property tax purposes. For purposes of
ss. 234.621 to
234.626, housing and rehabilitation loans under
s. 234.49 and liens arising under
ss. 234.621 to
234.626 shall not be considered outstanding liens or judgments in computing the amount of permitted obligations.
234.622(7)
(7) "Qualifying dwelling unit" means a dwelling unit, not including a mobile home as defined in
s. 66.058, located in this state, habitable as a permanent residence and to which property taxes or special assessments are, or may conveniently be, allocated and up to one acre of land appertaining to it held in the same ownership as the dwelling unit. For purposes of
ss. 234.621 to
234.626, "qualifying dwelling unit" includes a unit in a condominium or in a cooperative or in a multi-unit dwelling with 4 or fewer units, but in all of these 3 cases only the portion of taxes or special assessments allocable to the unit lived in by the participant may qualify for loans under
ss. 234.621 to
234.626.
234.622 History
History: 1981 c. 20,
317;
1985 a. 29 s.
3202 (14) (c);
1987 a. 29;
1991 a. 269 ss.
510t to
510ue; Stats. 1991 s. 16.994;
1993 a. 16 ss.
130e,
3051k; Stats. 1993 s. 234.622.
234.623
234.623
Eligibility. The authority shall make loans to participants who:
234.623(1)
(1) Apply on forms prescribed by the authority for a loan to pay property taxes or special assessments by June 30 of the year in which the taxes or special assessments are payable on a qualifying dwelling unit and, except as provided in
s. 234.625 (5), specify the names of all coowners;
234.623(2)
(2) Reside in the qualifying dwelling unit more than 6 months of the year preceding each year of participation, but temporary residency in a health care facility may be substituted for any portion of this 6-month residency;
234.623(3)
(3) Keep continuously in effect during the period that a loan is outstanding under
ss. 234.621 to
234.626 a fire and extended casualty insurance policy on the qualifying dwelling unit satisfactory to the authority and permit the authority to be named on the policy as a lienholder; and
234.623(4)
(4) Either individually or with other coowners own the qualifying dwelling unit free and clear. If the qualifying dwelling unit is owned with coowners, each of these persons must approve the application under
sub. (1).
