Wisconsin 2023-2024 Regular Session

Wisconsin Assembly Bill AB1137 Compare Versions

Only one version of the bill is available at this time.

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1	1	LRB-5896/1
2	2	MPG:cdc
3	3	2023 - 2024 LEGISLATURE
4	4	2023 ASSEMBLY BILL 1137
5	5	March 6, 2024 - Introduced by Representatives CONSIDINE, SHELTON, RATCLIFF,
6	6	EMERSON, STUBBS, CLANCY, CONLEY, SINICKI, MOORE OMOKUNDE, SUBECK, J.
7	7	ANDERSON, BARE, OHNSTAD and PALMERI, cosponsored by Senators AGARD and
8	8	L. JOHNSON. Referred to Committee on Housing and Real Estate.
9	9	*AUTHORS SUBJECT TO CHANGE*
10	10	AN ACT relating to: feasibility study concerning the establishment of a down
11	11	payment assistance grant program.
12	12	Analysis by the Legislative Reference Bureau
13	13	This bill directs the Wisconsin Housing and Economic Development Authority
14	14	to conduct a feasibility study with respect to the establishment of a program to award
15	15	up to $2,000,000 in grants to counties that the counties will then distribute as down
16	16	payment assistance to individuals for the purchase of a principal residence. The
17	17	program would include the requirement that counties use the grants to provide down
18	18	payment assistance to individuals who meet at least the following conditions:
19	19	1. The individual's household income does not exceed 80 percent of the area
20	20	median family income in the participant county, adjusted for family size, as
21	21	published annually by the federal Department of Housing and Urban Development.
22	22	2. The individual will use the monies to make a down payment on the purchase
23	23	of a principal residence for the individual in the county.
24	24	3. The individual completes a financial education program approved by
25	25	WHEDA.
26	26	4. The individual agrees to pay back the assistance if he or she does not
27	27	maintain the residence as his or her principal residence for a period of at least five
28	28	years.
29	29	Under the bill, WHEDA must submit a report of its findings from the feasibility
30	30	study to the legislature no later than December 31, 2024. The report must include
31	31	any recommendations of WHEDA, including additional or different eligibility
32	32	criteria for counties and individuals participating in the grant program.
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34	34	2 - 2 -2023 - 2024 Legislature LRB-5896/1
35	35	MPG:cdc
36	36	ASSEMBLY BILL 1137
37	37	For further information see the state fiscal estimate, which will be printed as
38	38	an appendix to this bill.
39	39	The people of the state of Wisconsin, represented in senate and assembly, do
40	40	enact as follows:
41	41	SECTION 1.0Nonstatutory provisions.
42	42	(1) DOWN PAYMENT ASSISTANCE GRANTS FEASIBILITY STUDY.
43	43	(a) In this subsection, “authority” means the Wisconsin Housing and Economic
44	44	Development Authority.
45	45	(b) The authority shall conduct a study to determine the feasibility of
46	46	establishing a program under which the authority awards up to a total of $2,000,000
47	47	in grants to counties to provide down payment assistance to individuals who meet
48	48	at least all of the following conditions:
49	49	1. The individual's household income does not exceed 80 percent of the area
50	50	median income.
51	51	2. The individual will use the monies received from the county to make a down
52	52	payment on the purchase of a residence that is the individual's principal residence
53	53	and is located in the county.
54	54	3. The individual completes a financial education program approved by the
55	55	authority.
56	56	4. The individual agrees to pay back the monies received from the county if the
57	57	individual does not maintain the residence described in subd. 2. as his or her
58	58	principal residence for a period of at least 5 years.
59	59	(c) The feasibility study conducted under par. (b) shall explore potential
60	60	funding sources for the specified program, including the authority's existing bonding
61	61	authority.
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82	82	21 - 3 -2023 - 2024 Legislature
83	83	LRB-5896/1
84	84	MPG:cdc
85	85	SECTION 1
86	86	ASSEMBLY BILL 1137
87	87	(d) The authority shall submit a report of its findings from the feasibility study
88	88	conducted under par. (b) to the chief clerk of each house of the legislature for
89	89	distribution to the legislature under s. 13.172 (2) no later than December 31, 2024.
90	90	The report shall include any recommendations of the authority, including additional
91	91	or different eligibility criteria for counties and individuals participating in the grant
92	92	program.
93	93	(END)
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