16.295(5)(c)1.1. Of the moneys designated under
par. (b), the investment manager may not invest more than $10,000,000 in a single venture capital fund.
16.295(5)(c)2.
2. Of the moneys designated under
par. (b), the investment manager shall commit at least one-half of those moneys to investments in venture capital funds within 12 months after the date the investment manager executes the contract under
sub. (4) (a), and the investment manager shall commit all of those moneys to investments in venture capital funds within 24 months after that date.
16.295(5)(d)
(d) The investment manager shall contract with each venture capital fund that receives moneys under
par. (b). Each contract shall require the venture capital fund to do all of the following:
16.295(5)(d)1.
1. Make new investments in an amount equal to the moneys it receives under
par. (b) in one or more businesses that are headquartered in this state and employ at least 50 percent of their full-time employees, including any subsidiary or other affiliated entity, in this state, and invest at least one-half of those moneys in one or more businesses that employ fewer than 150 full-time employees, including any subsidiary or other affiliated entity, when the venture capital fund first invests moneys in the business under this section. The venture capital fund's contract with a business in which the venture capital fund makes an investment under this subdivision shall require that, if within 3 years after the venture capital fund makes that investment, the business relocates its headquarters outside of this state or fails to employ at least 50 percent of its full-time employees, including any subsidiary or other affiliated entity, in this state, the business shall promptly pay to the venture capital fund an amount equal to the total amount of moneys designated under
par. (b) 1. that the venture capital fund invested in the business. The venture capital fund shall reinvest those moneys in one or more businesses that are eligible to receive an investment under this subdivision, subject to the requirements of this section.
16.295(5)(d)2.
2. Commit at least one-half of any moneys it receives under
par. (b) to investments in businesses within 24 months after the date it receives those moneys and commit all of those moneys to investments in businesses within 48 months after that date.
16.295(5)(d)3.
3. Invest all of the moneys it receives under
par. (b) in businesses in the agriculture, information technology, engineered products, advanced manufacturing, medical devices, or medical imaging industry and attempt to ensure that all of those moneys are invested in businesses that are diverse with respect to geographic location within this state.
16.295(5)(d)4.
4. At least match any moneys it receives under
par. (b) and invests in a business with an investment in that business of moneys the venture capital fund has raised from sources other than the investment manager. The investment manager shall ensure that, on average, for every $1 a venture capital fund receives under
par. (b) and invests in a business, the venture capital fund invests $2 in that business from sources other than the investment manager.
16.295(5)(d)5.
5. Provide to the investment manager the information necessary for the investment manager to complete the annual report under
sub. (7) (a) and the quarterly report under
sub. (7) (c).
16.295(5)(d)6.
6. Disclose to the investment manager and the department any interest that the venture capital fund or an owner, stockholder, partner, officer, director, member, employee, or agent of the venture capital fund holds in a business in which the venture capital fund invests or intends to invest moneys received under
par. (b).
16.295(5)(e)
(e) The investment manager's profit-sharing agreement with each venture capital fund that receives moneys under
par. (b) shall be on terms that are substantially equivalent to the terms applicable for other funding sources of the venture capital fund.
16.295(6)
(6) Special requirements for investments of moneys contributed by the state. 16.295(6)(a)(a) The investment manager shall hold in an escrow account its gross proceeds from all investments of the moneys designated under
sub. (5) (b) 1. until the investment manager satisfies
par. (b).
16.295(6)(b)
(b) At least annually, the investment manager shall pay any moneys held under
par. (a) to the secretary for deposit into the general fund until the investment manager has paid a total of $25,000,000 under this paragraph.
16.295(6)(c)
(c) After the investment manager satisfies
par. (b), the investment manager shall pay 90 percent of its gross proceeds from investments of the moneys designated under
sub. (5) (b) 1. to the secretary for deposit into the general fund.
16.295(7)
(7) Reports of the investment manager; public disclosures. 16.295(7)(a)(a) Annually, within 120 days after the end of the investment manager's fiscal year, the investment manager shall submit a report to the department for that fiscal year that includes all of the following:
16.295(7)(a)1.
1. An audit of the investment manager's financial statements performed by an independent certified public accountant.
16.295(7)(a)3.
3. For each venture capital fund that contracts with the investment manager under
sub. (5) (d), all of the following:
16.295(7)(a)3.c.
c. An accounting of any fee the venture capital fund paid to itself or any principal or manager of the venture capital fund.
16.295(7)(a)3.d.
d. The venture capital fund's average internal rate of return on its investments of the moneys it received under
sub. (5) (b).
16.295(7)(a)4.
4. For each business in which a venture capital fund held an investment of moneys the venture capital fund received under
sub. (5) (b), all of the following:
16.295(7)(a)4.c.
c. An identification of the venture capital fund that made the investment in the business.
16.295(7)(a)4.d.
d. The amount of each investment in the business and the amount invested by the venture capital fund from funding sources other than the investment manager.
16.295(7)(a)4.e.
e. The internal rate of return realized by the venture capital fund upon the venture capital fund's exit from the investment in the business.
16.295(7)(a)4.f.
f. A statement of the number of employees the business employed when the venture capital fund first invested moneys in the business that the venture capital fund received under
sub. (5) (b), the number of employees the business employed on the first day of the investment manager's fiscal year, and the number of employees the business employed on the last day of the investment manager's fiscal year.
16.295(7)(b)
(b) No later than 10 days after it receives the investment manager's report under
par. (a), the department shall submit the report to the chief clerk of each house of the legislature, for distribution to the legislature under
s. 13.172 (2).
16.295(7)(c)
(c) Quarterly, the investment manager shall submit a report to the department for the preceding quarter that includes all of the following:
16.295(7)(c)1.
1. An identification of each venture capital fund under contract with the investment manager under
sub. (5) (d).
16.295(7)(c)2.
2. An identification of each business in which a venture capital fund held an investment of moneys the venture capital fund received under
sub. (5) (b) and a statement of the amount of the investment in each business that separately specifies the amount of moneys designated under
sub. (5) (b) 1. that were contributed to the investment.
16.295(7)(c)3.
3. A statement of the number of employees the business employed when the venture capital fund first invested moneys in the business that the venture capital fund received under
sub. (5) (b) and the number of employees the business employed at the end of the quarter.
16.295(7)(d)
(d) The department shall make the investment manager's quarterly report under
par. (c) readily accessible to the public on the department's Internet site.
16.295(8)
(8) Progress reports. In 2015 and 2018, no later than March 1, the department shall submit reports to the joint committee on finance that include all of the following:
16.295(8)(a)
(a) A comprehensive assessment of the performance to date of the investment program under this section.
16.295(8)(b)
(b) Any recommendations the department has for improvement of the investment program under this section and the specific actions the department intends to take or proposes to be taken to implement those recommendations.
16.295(8)(c)
(c) Any recommendations the investment board has for improvement of the investment program under this section and the specific actions the investment board proposes to be taken to implement those recommendations.
16.295(9)
(9) Exemption from low bid and contractual services requirements. Sections 16.705 and
16.75 do not apply to this section.
16.295 History
History: 2013 a. 41.
16.301(1)
(1) “Community-based organization" means an organization operating in a specific geographic area that is organized primarily to provide housing opportunities for persons or families of low or moderate income, and that is one of the following:
16.301(1)(c)
(c) A federally recognized American Indian tribe or band in this state or an entity established by a federally recognized American Indian tribe or band.
16.301(2)
(2) “Housing authority" means any of the following:
16.301(2)(b)
(b) A redevelopment authority or housing and community development authority exercising the powers of a housing authority under
s. 66.1333 (3) or
66.1335 (4).
16.301(2)(c)
(c) A housing authority organized by the elected governing body of a federally recognized American Indian tribe or band in this state.
16.301(3)
(3) “Housing costs" means whichever of the following applies:
16.301(3)(a)
(a) For housing occupied by the owner, any of the following:
16.301(3)(a)1.
1. The principal and interest on a mortgage loan that finances the purchase of the housing.
16.301(3)(a)2.
2. Closing costs and other costs associated with a mortgage loan.
16.301(3)(a)7.
7. If the housing is owned and occupied by members of a cooperative or an unincorporated cooperative association, fees paid to a person for managing the housing.
16.301(6)
(6) “Utility-related costs" means costs related to power, heat, gas, light, water and sewerage.
16.301 Cross-reference
Cross-reference: See also ch.
Adm 89, Wis. adm. code.
16.302
16.302
State housing strategy plan. 16.302(1)(a)(a) The department shall prepare a comprehensive 5-year state housing strategy plan. The department shall submit the plan to the federal department of housing and urban development.
16.302(1)(b)
(b) In preparing the plan, the department may obtain input from housing authorities, community-based organizations, the private housing industry and others interested in housing assistance and development.
16.302(2)
(2) The state housing strategy plan shall include all of the following:
16.302(2)(a)
(a) A statement of housing policies and recommendations.
16.302(2)(b)
(b) An evaluation and summary of housing conditions and trends in this state, including housing stock and housing cost analyses, general population and household composition demographic analyses and housing and demographic forecasts.
16.302(2)(c)
(c) An evaluation of housing assistance needs, based in part on the evaluation under
par. (b).
16.302(2)(d)
(d) A discussion of major housing issues, including housing production, housing and neighborhood conservation, housing for persons with special needs, fair housing and accessibility and housing affordability.
16.302(2)(e)
(e) Housing policies that set the general framework for this state's housing efforts.
16.302(2)(f)
(f) Strategies for utilizing federal funding and for coordinating federal and state housing efforts.
16.302(2)(g)
(g) Specific recommendations for public and private action that contribute to the attainment of housing policies under the plan.
16.302(2)(h)
(h) Strategies and specific recommendations for public and private action that will facilitate the inclusion of bicycle-oriented and pedestrian-oriented design in residential developments and mixed-use developments that include residential elements.
16.302(3)
(3) The department shall annually update the state housing strategy plan.
16.302(4)
(4) Before October 1 of each year, the department shall submit the state housing strategy plan to the governor and to the chief clerk of each house of the legislature for distribution to the legislature under
s. 13.172 (2).
16.302 History
History: 1991 a. 39;
1997 a. 27;
2003 a. 33 s.
152; Stats. 2003 s. 560.9802;
2009 a. 351;
2011 a. 32 s.
3451m; Stats. 2011 s. 16.302.
16.303
16.303
Housing cost grants and loans. 16.303(1)
(1) The department shall do all of the following:
16.303(1)(a)
(a) Subject to
sub. (2), make grants or loans, directly or through agents designated under
s. 16.304, from the appropriation under
s. 20.505 (7) (b) to persons or families of low or moderate income to defray housing costs of the person or family.
16.303(1)(b)
(b) Determine the rate of interest, repayment terms or any other term of a loan made under this section.
16.303(1)(c)
(c) Set minimum standards for housing that is occupied by a person or family of low or moderate income who receives a grant or loan under this section.
16.303(2)
(2) In connection with grants and loans under
sub. (1), the department shall do all of the following:
16.303(2)(a)
(a) Base the amount of the grant or loan on the ratio between the recipient's housing costs and income.
