Wisconsin 2023-2024 Regular Session

Wisconsin Senate Bill SB1037 Compare Versions

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

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3	3	2023 - 2024 LEGISLATURE
4	4	2023 SENATE BILL 1037
5	5	February 19, 2024 - Introduced by Senators AGARD, L. JOHNSON and LARSON,
6	6	cosponsored by Representatives CONSIDINE, SHELTON, RATCLIFF, EMERSON,
7	7	STUBBS, CLANCY, CONLEY, SINICKI, MOORE OMOKUNDE, SUBECK, J. ANDERSON,
8	8	BARE and OHNSTAD. Referred to Committee on Housing, Rural Issues and
9	9	Forestry.
10	10	*AUTHORS SUBJECT TO CHANGE*
11	11	AN ACT relating to: feasibility study concerning the establishment of a down
12	12	payment assistance grant program.
13	13	Analysis by the Legislative Reference Bureau
14	14	This bill directs the Wisconsin Housing and Economic Development Authority
15	15	to conduct a feasibility study with respect to the establishment of a program to award
16	16	up to $2,000,000 in grants to counties that the counties will then distribute as down
17	17	payment assistance to individuals for the purchase of a principal residence. The
18	18	program would include the requirement that counties use the grants to provide down
19	19	payment assistance to individuals who meet at least the following conditions:
20	20	1. The individual's household income does not exceed 80 percent of the area
21	21	median family income in the participant county, adjusted for family size, as
22	22	published annually by the federal Department of Housing and Urban Development.
23	23	2. The individual will use the monies to make a down payment on the purchase
24	24	of a principal residence for the individual in the county.
25	25	3. The individual completes a financial education program approved by
26	26	WHEDA.
27	27	4. The individual agrees to pay back the assistance if he or she does not
28	28	maintain the residence as his or her principal residence for a period of at least five
29	29	years.
30	30	Under the bill, WHEDA must submit a report of its findings from the feasibility
31	31	study to the legislature no later than December 31, 2024. The report must include
32	32	any recommendations of WHEDA, including additional or different eligibility
33	33	criteria for counties and individuals participating in the grant program.
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35	35	2 - 2 -2023 - 2024 Legislature LRB-5790/1
36	36	MPG:cdc
37	37	SENATE BILL 1037
38	38	For further information see the state fiscal estimate, which will be printed as
39	39	an appendix to this bill.
40	40	The people of the state of Wisconsin, represented in senate and assembly, do
41	41	enact as follows:
42	42	SECTION 1.0Nonstatutory provisions.
43	43	(1) DOWN PAYMENT ASSISTANCE GRANTS FEASIBILITY STUDY.
44	44	(a) In this subsection, “authority” means the Wisconsin Housing and Economic
45	45	Development Authority.
46	46	(b) The authority shall conduct a study to determine the feasibility of
47	47	establishing a program under which the authority awards up to a total of $2,000,000
48	48	in grants to counties to provide down payment assistance to individuals who meet
49	49	at least all of the following conditions:
50	50	1. The individual's household income does not exceed 80 percent of the area
51	51	median income.
52	52	2. The individual will use the monies received from the county to make a down
53	53	payment on the purchase of a residence that is the individual's principal residence
54	54	and is located in the county.
55	55	3. The individual completes a financial education program approved by the
56	56	authority.
57	57	4. The individual agrees to pay back the monies received from the county if the
58	58	individual does not maintain the residence described in subd. 2. as his or her
59	59	principal residence for a period of at least 5 years.
60	60	(c) The feasibility study conducted under par. (b) shall explore potential
61	61	funding sources for the specified program, including the authority's existing bonding
62	62	authority.
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83	83	21 - 3 -2023 - 2024 Legislature
84	84	LRB-5790/1
85	85	MPG:cdc
86	86	SECTION 1
87	87	SENATE BILL 1037
88	88	(d) The authority shall submit a report of its findings from the feasibility study
89	89	conducted under par. (b) to the chief clerk of each house of the legislature for
90	90	distribution to the legislature under s. 13.172 (2) no later than December 31, 2024.
91	91	The report shall include any recommendations of the authority, including additional
92	92	or different eligibility criteria for counties and individuals participating in the grant
93	93	program.
94	94	(END)
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