Wisconsin 2023-2024 Regular Session

Wisconsin Assembly Bill AB264 Compare Versions

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1	1	LRB-1633/1
2	2	MPG:cjs
3	3	2023 - 2024 LEGISLATURE
4	4	2023 ASSEMBLY BILL 264
5	5	May 16, 2023 - Introduced by Representatives ARMSTRONG, O'CONNOR, BROOKS,
6	6	EMERSON, STEFFEN, C. ANDERSON, DOYLE, DUCHOW, EDMING, GREEN, JOERS,
7	7	MURPHY, ORTIZ-VELEZ, PENTERMAN, PETRYK, PLUMER, ROZAR, SCHRAA, SINICKI,
8	8	SNYDER, SWEARINGEN, WICHGERS, SHANKLAND and KRUG, cosponsored by
9	9	Senators QUINN, JACQUE, CABRAL-GUEVARA and JAGLER. Referred to
10	10	Committee on Housing and Real Estate.
11	11	*AUTHORS SUBJECT TO CHANGE*
12	12	AN ACT to create 234.66 of the statutes; relating to: residential housing
13	13	infrastructure revolving loan fund and revolving loan program.
14	14	Analysis by the Legislative Reference Bureau
15	15	This bill establishes a residential housing infrastructure revolving loan fund
16	16	under the jurisdiction and control of the Wisconsin Housing and Economic
17	17	Development Authority. The purpose of the fund is for WHEDA to award revolving
18	18	loans as provided in the bill to residential housing developers for eligible housing
19	19	infrastructure projects supporting workforce and senior housing. The bill requires
20	20	WHEDA, for a period of four years, to set aside 25 percent of any moneys
21	21	appropriated to the fund in the 2023-25 fiscal biennium for housing infrastructure
22	22	projects supporting senior housing.
23	23	The bill includes definitions of both workforce housing and senior housing.
24	24	Workforce housing is defined for both rental and owner-occupied housing based on
25	25	the ratio of housing costs and the ratio of household income to the area median
26	26	income of the county in which the housing is located, adjusted for family size, as
27	27	published annually by the federal Department of Housing and Urban Development.
28	28	Under the bill, senior housing is housing that satisfies the definition of workforce
29	29	housing but is intended and operated primarily for occupancy by at least one person
30	30	55 years of age or older per dwelling unit.
31	31	In accordance with a semiannual application process established by WHEDA,
32	32	a residential housing developer may apply to WHEDA for a loan under the program,
33	33	but WHEDA may not award the loan unless the developer and the city, village, town,
34	34	or county or federally recognized American Indian tribe or band having jurisdiction
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38	38	ASSEMBLY BILL 264
39	39	of the housing infrastructure project (“eligible governmental unit”) demonstrate to
40	40	the satisfaction of WHEDA in one or more forms prescribed by WHEDA that all of
41	41	the following apply:
42	42	1. The developer has secured the necessary financial resources for the total cost
43	43	of development of the residential housing supported by the eligible project.
44	44	2. The developer has secured all applicable federal, state, and local government
45	45	permits or other approvals for the eligible project and the residential housing
46	46	supported by the eligible project.
47	47	3. The eligible governmental unit has approved the developer's application for
48	48	the loan.
49	49	4. Any applicable sewer or water service area plan has been amended if
50	50	necessary.
51	51	5. The eligible governmental unit has reduced the cost of residential housing
52	52	in connection with the specific housing infrastructure project to be funded by the loan
53	53	by voluntarily revising zoning ordinances, subdivision regulations, or other land
54	54	development regulations to increase development density, expedite approvals,
55	55	reduce impact fees, or reduce parking, building, or other development costs with
56	56	respect to the construction of residential housing supported by the project.
57	57	6. To the extent applicable, the eligible governmental unit is in compliance with
58	58	certain statutory housing planning and reporting requirements.
59	59	7. If applicable, the eligible governmental unit has updated the housing
60	60	element of its comprehensive plan required by statute within the immediately
61	61	preceding five years.
62	62	If in any application cycle there are insufficient moneys available in the
63	63	residential housing infrastructure revolving loan fund to fund all applications that
64	64	meet the requirements of the bill and are otherwise acceptable to WHEDA, WHEDA
65	65	is required to prioritize funding loans for eligible projects in eligible governmental
66	66	units that have reduced the cost of residential housing as described in item 5 above
67	67	with respect to the governmental unit as a whole. The bill also authorizes WHEDA
68	68	to award loans to eligible governmental units accompanying a developer loan to
69	69	assist the governmental unit in covering additional infrastructure costs incurred by
70	70	the governmental unit in connection with a developer loan where such costs are not
71	71	directly related to the eligible project itself.
72	72	The bill prohibits WHEDA from charging any interest on any loan awarded
73	73	under the bill. Under the bill, no loan awarded to a developer may exceed 20 percent
74	74	of the total cost of development, including land purchase, of the residential housing
75	75	supported by the eligible project, and the bill limits loans to eligible governmental
76	76	units to no more than 10 percent of the amount of the loan awarded to the developer.
77	77	The bill requires that WHEDA enter into an agreement with each developer
78	78	receiving a loan under the bill that establishes the term and other conditions of the
79	79	loan. The agreement is required to include certain provisions, some of which are to
80	80	be recorded with the applicable register of deeds and to run with the land, that are
81	81	designed to ensure that the residential housing constructed in connection with a loan
82	82	remains workforce or senior housing for at least 10 years, whether rental or
83	83	owner-occupied, that require owner-occupied residential housing constructed in - 3 -2023 - 2024 Legislature
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86	86	ASSEMBLY BILL 264
87	87	connection with a loan to remain owner-occupied for at least 10 years, and that limit
88	88	for a 10-year period the sales price of such owner-occupied residential housing,
89	89	adjusted annually by the average compounded annual percentage increase in the
90	90	sale price of all residential housing in the county in which the housing is located, as
91	91	determined by WHEDA.
92	92	In addition to the requirement described above that WHEDA set aside for
93	93	senior housing 25 percent of any moneys appropriated to the fund in the 2023-25
94	94	fiscal biennium, the bill includes other requirements relative to WHEDA 's
95	95	distribution of such moneys, including the following:
96	96	1. WHEDA must, for a period of four years, set aside 30 percent of such moneys
97	97	for housing infrastructure projects in cities, villages, and towns with a population of
98	98	10,000 or less.
99	99	2. WHEDA must divide the state into regions based on the service jurisdiction
100	100	of each regional planning commission constituted under current law, with the
101	101	counties not served by a regional planning commission constituting collectively one
102	102	region. Under the bill, no such region may receive more than 25 percent of such
103	103	moneys in loans in any given application cycle.
104	104	Finally, the bill requires that WHEDA take actions to market the availability
105	105	of loans under the bill and to submit annual reports to the Joint Committee on
106	106	Finance and legislative committees having jurisdiction over housing relating to the
107	107	loan program and the residential housing infrastructure revolving loan fund created
108	108	under the bill.
109	109	Because this bill may increase or decrease, directly or indirectly, the cost of the
110	110	development, construction, financing, purchasing, sale, ownership, or availability of
111	111	housing in this state, the Department of Administration, as required by law, will
112	112	prepare a report to be printed as an appendix to this bill.
113	113	For further information see the state fiscal estimate, which will be printed as
114	114	an appendix to this bill.
115	115	The people of the state of Wisconsin, represented in senate and assembly, do
116	116	enact as follows:
117	117	SECTION 1. 234.66 of the statutes is created to read:
118	118	234.66 Residential housing infrastructure revolving loan fund and
119	119	program. (1) DEFINITIONS. In this section:
120	120	(a) “Area median income" means the area median family income in the county
121	121	in which the housing is located, adjusted for family size, as published annually by
122	122	the federal department of housing and urban development.
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130	130	SECTION 1 ASSEMBLY BILL 264
131	131	(b) “Developer” means a person other than a city, village, town, or county or
132	132	federally recognized American Indian tribe or band in this state that constructs or
133	133	creates residential housing.
134	134	(c) “Eligible governmental unit” means the governmental unit having
135	135	jurisdiction of an eligible project, as determined by the authority.
136	136	(d) “Eligible project” means a project for housing infrastructure for workforce
137	137	housing or senior housing.
138	138	(e) “Governmental unit” means a city, village, town, or county or federally
139	139	recognized American Indian tribe or band in this state.
140	140	(e) “Housing infrastructure” means that portion of the installation,
141	141	replacement, upgrade, or improvement of public infrastructure, or private
142	142	infrastructure in rural areas if transferred to public use, as determined by the
143	143	authority, that relates to an eligible project.
144	144	(f) “Public infrastructure” means any of the following that is or will be owned,
145	145	maintained, or provided to or by a governmental unit:
146	146	1. A water distribution system.
147	147	2. A water treatment plant.
148	148	3. A wastewater treatment plant.
149	149	4. A sanitary sewer system.
150	150	5. A storm sewer system.
151	151	6. A stormwater retention pond.
152	152	7. A lift or pump station.
153	153	8. A street, road, alley, or bridge.
154	154	9. A curb, gutter, or sidewalk.
155	155	10. A traffic device.
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183	183	SECTION 1
184	184	ASSEMBLY BILL 264
185	185	11. A street light.
186	186	12. An electric or gas distribution line.
187	187	(g) “Residential housing” means new single-family or multifamily housing for
188	188	rent or sale that is subject to taxation under ch. 70.
189	189	(h) “Senior housing” means residential housing that satisfies par. (i) 1. to 4. and
190	190	that is intended and operated primarily for occupancy by at least one person 55 years
191	191	of age or older per dwelling unit, as determined by the authority.
192	192	(i) “Workforce housing” means residential housing that satisfies all of the
193	193	following, as determined by the authority.
194	194	1. For housing intended to be rented, the estimated annual housing costs, as
195	195	defined under s. 16.301 (3), do not exceed, or are not expected to exceed, 30 percent
196	196	of 100 percent of the area median income, with family size determined using the
197	197	federal imputed income limitation, as defined in 26 USC 42 (g) (2) (C), and the
198	198	utility-related costs if not included in the rent equal the utility allowance
199	199	determined by the federal department of housing and urban development.
200	200	2. For housing intended to be occupied by the owner, the estimated annual
201	201	housing costs, as defined under s. 16.301 (3), do not exceed, or are not expected to
202	202	exceed, 30 percent of 140 percent of the area median income, with family size
203	203	determined using the federal imputed income limitation, as defined in 26 USC 42 (g)
204	204	(2) (C).
205	205	3. For housing intended to be rented, the housing is for occupancy by
206	206	individuals whose annual household income does not exceed 100 percent of the area
207	207	median income.
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232	232	SECTION 1 ASSEMBLY BILL 264
233	233	4. For housing intended to be occupied by the owner, the housing is for purchase
234	234	by individuals whose annual household income is not more than 140 percent of the
235	235	area median income.
236	236	(2) ESTABLISHMENT OF FUND. (a) There is established under the jurisdiction and
237	237	control of the authority a residential housing infrastructure revolving loan fund, for
238	238	the purpose of providing loans under sub. (3). The authority may use moneys in the
239	239	fund to cover actual and necessary expenses incurred to accomplish the purposes of
240	240	this section, including marketing expenses under sub. (6), and administer the fund.
241	241	The fund shall consist of all of the following:
242	242	1. All moneys appropriated to the authority for the fund.
243	243	2. All moneys received from the repayment of loans under sub. (3).
244	244	(b) Of the amounts deposited in the fund under par. (a) 1. in the 2023-25 fiscal
245	245	biennium, the authority shall return to the secretary of administration for deposit
246	246	in the general fund all such amounts not encumbered or expended for an eligible
247	247	project as of the first day of the 8th year beginning after the effective date of this
248	248	paragraph .... [LRB inserts date].
249	249	(c) No moneys in the fund may be invested under s. 234.03 (18).
250	250	(3) ESTABLISHMENT OF REVOLVING LOAN PROGRAM. The authority shall establish
251	251	and administer a residential housing infrastructure revolving loan program for the
252	252	purpose of awarding loans under this section.
253	253	(4) LOANS TO RESIDENTIAL HOUSING DEVELOPERS. (a) From the residential
254	254	housing infrastructure revolving loan fund, the authority may award loans to
255	255	developers to cover housing infrastructure costs for an eligible project. Any
256	256	developer may apply to the authority for a loan under this subsection in accordance
257	257	with the application process established by the authority under par. (b), but the
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285	285	SECTION 1
286	286	ASSEMBLY BILL 264
287	287	authority may not award the loan unless the developer and the eligible governmental
288	288	unit demonstrate to the satisfaction of the authority in one or more forms prescribed
289	289	by the authority that all of the following apply:
290	290	1. The developer has secured the necessary financial resources for the total cost
291	291	of development of the residential housing supported by the eligible project.
292	292	2. The developer has secured all applicable federal, state, and local government
293	293	permits or other approvals for the eligible project and the residential housing
294	294	supported by the eligible project.
295	295	3. The eligible governmental unit has approved the developer's application for
296	296	the loan.
297	297	4. Any applicable sewer or water service area plan has been amended if
298	298	necessary.
299	299	5. The eligible governmental unit has reduced the cost of residential housing
300	300	in connection with the eligible project by voluntarily revising zoning ordinances,
301	301	subdivision regulations, or other land development regulations to increase
302	302	development density, expedite approvals, reduce impact, water connection, and
303	303	inspection fees, or reduce parking, building, or other development costs with respect
304	304	to the development of residential housing supported by the project. For purposes of
305	305	this subdivision, the governmental unit in cooperation with the developer shall
306	306	submit to the authority a cost reduction analysis in a form prescribed by the
307	307	authority and signed by the developer and the head of the governmental unit's
308	308	governing body that shows the cost reduction measures, including time saving
309	309	measures, undertaken by the governmental unit on or after January 1, 2023, that
310	310	have reduced the cost of residential housing in connection with the eligible project.
311	311	The signed analysis shall clearly show for each time saving or cost reduction measure
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338	338	SECTION 1 ASSEMBLY BILL 264
339	339	the estimated time or dollar amount saved by the developer and the estimated
340	340	percentage reduction in housing costs.
341	341	6. The eligible governmental unit is in compliance with the requirements under
342	342	ss. 66.1001, 66.10013, and 66.10014, to the extent those requirements apply to the
343	343	governmental unit.
344	344	7. If applicable, the eligible governmental unit has updated the housing
345	345	element of its comprehensive plan under s. 66.1001 (2) (b) within the 5 years
346	346	immediately preceding the date of the loan application.
347	347	(b) The authority shall establish and provide a semiannual application process,
348	348	including underwriting guidelines, for the award of loans under this subsection. If
349	349	in any application cycle there are insufficient moneys available in the residential
350	350	housing infrastructure revolving loan fund to fund all applications that meet the
351	351	requirements under par. (a) and are otherwise acceptable to the authority, the
352	352	authority shall prioritize funding loans for eligible projects in eligible governmental
353	353	units that have reduced the cost of residential housing as described in par. (a) 5. but
354	354	with respect to the governmental unit as a whole.
355	355	(c) 1. The authority shall charge no interest on a loan awarded under this
356	356	subsection.
357	357	2. No loan awarded under this subsection may exceed 20 percent of the total
358	358	cost of development, including land purchase, of the residential housing supported
359	359	by the eligible project.
360	360	(d) The authority shall set aside 25 percent of all moneys deposited in the fund
361	361	under sub. (2) (a) 1. in the 2023-25 fiscal biennium for a period of not less than 4 years
362	362	following the effective date of this paragraph .... [LRB inserts date], for loans
363	363	awarded under this subsection and sub. (5) for eligible projects supporting senior
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391	391	SECTION 1
392	392	ASSEMBLY BILL 264
393	393	housing. For purposes of this paragraph, if a loan supports both workforce housing
394	394	and senior housing, the amount of such loan supporting senior housing shall be
395	395	calculated by prorating the loan amount between the 2 uses based on the number of
396	396	residential housing units supported by the loan.
397	397	(e) The authority shall set aside 30 percent of all moneys deposited in the fund
398	398	under sub. (2) (a) 1. in the 2023-25 fiscal biennium, including 30 percent of all
399	399	moneys set aside under par. (d), for a period of not less than 4 years following the
400	400	effective date of this paragraph .... [LRB inserts date], for loans awarded under this
401	401	subsection and sub. (5) for eligible projects in cities, villages, and towns with a
402	402	population of 10,000 or less. For purposes of this paragraph, if a single loan supports
403	403	eligible projects for more than one city, village, or town, the amount of such loan
404	404	attributable to any one city, village, or town shall be calculated by prorating the loan
405	405	amount between the cities, villages, and towns based on the number of residential
406	406	housing units supported by the loan.
407	407	(f) The authority shall divide the state into regions based on the service
408	408	jurisdiction as of the effective date of this paragraph .... [LRB inserts date], of each
409	409	regional planning commission constituted under s. 66.0309, with the counties not
410	410	served by a regional planning commission as of that date constituting collectively one
411	411	region. Of all moneys deposited in the fund under sub. (2) (a) 1. in the 2023-25 fiscal
412	412	biennium, no region may receive more than 25 percent in loans awarded under this
413	413	subsection and sub. (5) in any given application cycle.
414	414	(g) 1. The authority and each developer receiving a loan under this subsection
415	415	shall enter into an agreement establishing the term and other conditions of the loan.
416	416	The agreement shall include, and give the authority the power to enforce, all of the
417	417	following requirements:
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444	444	SECTION 1 ASSEMBLY BILL 264
445	445	a. That the full amount of the loan shall become due upon the developer's sale
446	446	or transfer of all residential housing constructed in connection with the loan.
447	447	b. That all residential housing constructed in connection with the loan shall
448	448	remain workforce housing or senior housing, as applicable, for a period commencing
449	449	on the date of the loan and concluding 10 years following initial occupancy of the
450	450	residential housing constructed in connection with the loan. This restriction shall
451	451	be recorded against the residential property with the applicable register of deeds and
452	452	shall run with the land.
453	453	c. With respect to each loan under this subsection for workforce housing or
454	454	senior housing intended for rent, that the owner of the rental housing, for a period
455	455	commencing on the date of the loan and concluding 10 years following initial
456	456	occupancy of all of the rental units constructed in connection with the loan, shall
457	457	annually submit to the authority a certified rent roll for the housing that sets forth
458	458	for each rental unit the monthly rent required under the lease, the actual monthly
459	459	rent received for the preceding year, and an identification of the utilities and their
460	460	amounts included in the rent. This restriction shall be recorded against the
461	461	residential property with the applicable register of deeds and shall run with the land.
462	462	The authority shall use the information provided under this subd. 1. c. to confirm
463	463	that the rental housing continues to meet the housing costs limitation for purposes
464	464	of sub. (1) (h) and (i) 1. The authority shall calculate the applicable monthly
465	465	limitation on housing costs for each year by dividing the area median income for the
466	466	year by 12, with family size determined using the federal imputed income limitation,
467	467	as defined in 26 USC 42 (g) (2) (C). If in any year the area median income has
468	468	decreased compared to the prior year, the applicable housing cost limitation shall be
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495	495	SECTION 1
496	496	ASSEMBLY BILL 264
497	497	calculated based on the most recent area median income information prior to such
498	498	decrease.
499	499	d. With respect to each loan under this subsection for workforce housing or
500	500	senior housing intended to be owner-occupied, that for the 10-year period
501	501	commencing immediately after the developer closes on the sale of the housing to the
502	502	initial owner-occupier, the housing shall remain owner-occupied and may not be
503	503	sold for a price that exceeds the price charged by the developer to the initial
504	504	owner-occupier, adjusted annually by the average compounded annual percentage
505	505	increase in the sale price of all residential housing in the county in which the housing
506	506	is located, as determined by the authority. These restrictions shall be recorded
507	507	against the residential property with the applicable register of deeds and shall run
508	508	with the land.
509	509	2. Any restriction recorded against the property under subd. 1. shall terminate
510	510	on the date the property is acquired by foreclosure, or by an instrument in lieu of
511	511	foreclosure, unless the authority determines that the acquisition is part of an
512	512	arrangement a purpose of which is to terminate the restriction.
513	513	(h) In addition to other criteria explicitly provided for under this subsection,
514	514	in awarding each loan under this subsection, the authority shall take into account
515	515	only the following in descending order of priority:
516	516	1. Credit risk, collateral, and the need for a loan guarantee.
517	517	2. The estimated reduction in housing costs.
518	518	3. The need for workforce housing or senior housing in the area.
519	519	(5) LOANS TO GOVERNMENTAL UNITS. (a) If the authority awards a loan to a
520	520	developer for an eligible project under sub. (4), the authority may award a loan from
521	521	the residential housing infrastructure revolving loan fund to the eligible
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546	546	25 - 12 -2023 - 2024 Legislature LRB-1633/1
547	547	MPG:cjs
548	548	SECTION 1 ASSEMBLY BILL 264
549	549	governmental unit approving the developer's loan. The authority and each
550	550	governmental unit receiving a loan under this subsection shall enter into an
551	551	agreement establishing the term and other conditions of the loan. The eligible
552	552	governmental unit may use proceeds of a loan awarded under this subsection to cover
553	553	public infrastructure costs incurred by the governmental unit in connection with the
554	554	eligible project that are not directly related to the eligible project itself.
555	555	(b) The authority shall charge no interest on a loan awarded under this
556	556	subsection.
557	557	(c) No loan awarded under this subsection may exceed 10 percent of the amount
558	558	of the loan awarded to the developer under sub. (4).
559	559	(6) MARKETING. The authority shall establish and administer a marketing
560	560	program to advertise the loans available under this section.
561	561	(7) ANNUAL REPORTS. Beginning in 2024, no later than August 1 of each year,
562	562	the authority shall submit to the joint committee on finance and under s. 13.172 (3)
563	563	to the standing committees of the legislature having jurisdiction over matters
564	564	related to housing a report that includes all of the following:
565	565	(a) A statement of the condition and balance of the residential housing
566	566	infrastructure revolving loan fund.
567	567	(b) Information concerning each loan awarded under sub. (4) or (5), including
568	568	all of the following:
569	569	1. The date, amount, amortization period, and current status of the loan.
570	570	2. An identification of the loan recipient.
571	571	3. A description of the eligible project funded with the loan, including whether
572	572	the project is for workforce housing or senior housing.
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597	597	LRB-1633/1
598	598	MPG:cjs
599	599	SECTION 1
600	600	ASSEMBLY BILL 264
601	601	4. An identification of the eligible governmental unit with respect to which the
602	602	loan was awarded.
603	603	(c) The number of dwelling units created to date as a result of the loan program,
604	604	the locations and sale or rental prices of the dwelling units, and whether the dwelling
605	605	units constitute workforce housing or senior housing.
606	606	(END)
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