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2023 - 2024 LEGISLATURE
2023 SENATE BILL 1037
February 19, 2024 - Introduced by Senators AGARD, L. JOHNSON and LARSON,
cosponsored by Representatives CONSIDINE, SHELTON, RATCLIFF, EMERSON,
STUBBS, CLANCY, CONLEY, SINICKI, MOORE OMOKUNDE, SUBECK, J. ANDERSON,
BARE and OHNSTAD. Referred to Committee on Housing, Rural Issues and
Forestry.
***AUTHORS SUBJECT TO CHANGE***
AN ACT relating to: feasibility study concerning the establishment of a down
payment assistance grant program.
Analysis by the Legislative Reference Bureau
This bill directs the Wisconsin Housing and Economic Development Authority
to conduct a feasibility study with respect to the establishment of a program to award
up to $2,000,000 in grants to counties that the counties will then distribute as down
payment assistance to individuals for the purchase of a principal residence. The
program would include the requirement that counties use the grants to provide down
payment assistance to individuals who meet at least the following conditions:
1. The individual's household income does not exceed 80 percent of the area
median family income in the participant county, adjusted for family size, as
published annually by the federal Department of Housing and Urban Development.
2. The individual will use the monies to make a down payment on the purchase
of a principal residence for the individual in the county.
3. The individual completes a financial education program approved by
WHEDA.
4. The individual agrees to pay back the assistance if he or she does not
maintain the residence as his or her principal residence for a period of at least five
years.
Under the bill, WHEDA must submit a report of its findings from the feasibility
study to the legislature no later than December 31, 2024. The report must include
any recommendations of WHEDA, including additional or different eligibility
criteria for counties and individuals participating in the grant program.
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SENATE BILL 1037
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SECTION 1.0Nonstatutory provisions.
(1) DOWN PAYMENT ASSISTANCE GRANTS FEASIBILITY STUDY.
(a) In this subsection, “authority” means the Wisconsin Housing and Economic
Development Authority.
(b) The authority shall conduct a study to determine the feasibility of
establishing a program under which the authority awards up to a total of $2,000,000
in grants to counties to provide down payment assistance to individuals who meet
at least all of the following conditions:
1. The individual's household income does not exceed 80 percent of the area
median income.
2. The individual will use the monies received from the county to make a down
payment on the purchase of a residence that is the individual's principal residence
and is located in the county.
3. The individual completes a financial education program approved by the
authority.
4. The individual agrees to pay back the monies received from the county if the
individual does not maintain the residence described in subd. 2. as his or her
principal residence for a period of at least 5 years.
(c) The feasibility study conducted under par. (b) shall explore potential
funding sources for the specified program, including the authority's existing bonding
authority.
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SECTION 1
SENATE BILL 1037
(d) The authority shall submit a report of its findings from the feasibility study
conducted under par. (b) to the chief clerk of each house of the legislature for
distribution to the legislature under s. 13.172 (2) no later than December 31, 2024.
The report shall include any recommendations of the authority, including additional
or different eligibility criteria for counties and individuals participating in the grant
program.
(END)
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