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2025 ASSEMBLY BILL 194
April 15, 2025 - Introduced by Representatives ARMSTRONG, BROOKS, ANDERSON,
BROWN, DESMIDT, DONOVAN, DOYLE, EMERSON, FRANKLIN, GOODWIN, GREEN,
HYSELL, B. JACOBSON, JOERS, KITCHENS, KREIBICH, KRUG, MELOTIK, MURPHY,
MURSAU, NEUBAUER, NOVAK, O'CONNOR, ORTIZ-VELEZ, PALMERI, PENTERMAN,
PIWOWARCZYK, ROE, SPIROS, UDELL and GOEBEN, cosponsored by Senators
QUINN, FEYEN, JAGLER, DASSLER-ALFHEIM, HABUSH SINYKIN, JAMES, PFAFF,
RATCLIFF, SPREITZER, WALL, WIRCH and SMITH. Referred to Committee on
Housing and Real Estate.
***AUTHORS SUBJECT TO CHANGE***
AN ACT to repeal 234.66 (1) (g) 2., 234.66 (1) (g) 3., 234.661 (1) (c) 5., 234.661 (1)
(c) 6., 234.662 (1) (e) 3. and 234.662 (1) (e) 4.; to renumber and amend
234.66 (1) (b), 234.66 (4) (a) 5., 234.661 (1) (e), 234.661 (3) (b) 3., 234.662 (1) (c),
234.662 (1) (f) and 234.662 (3) (b) 3.; to consolidate, renumber and amend
234.66 (1) (g) (intro.) and 1.; to amend 234.66 (4) (a) 7., 234.66 (4) (c) 2., 234.66
(5) (c), 234.66 (5m) (b), 234.661 (1) (b), 234.661 (3) (b) (intro.), 234.661 (3) (b) 4.,
234.661 (3) (b) 5., 234.661 (3) (c), 234.661 (3) (d), 234.661 (3m) (b), 234.661 (5)
(b) 4., 234.662 (1) (d), 234.662 (1) (e) (intro.), 234.662 (1) (g), 234.662 (3) (b)
(intro.), 234.662 (3) (b) 4., 234.662 (3) (b) 5., 234.662 (3) (c), 234.662 (3) (d) 2.,
234.662 (3m) (b) and 234.662 (5) (b) 4.; to create 234.66 (1) (b) 1., 234.66 (1) (b)
2., 234.66 (4) (a) 5. b., 234.661 (1) (cm), 234.661 (1) (e) 2., 234.661 (3) (b) 3. b.,
234.661 (3) (em), 234.662 (1) (c) 2., 234.662 (1) (em), 234.662 (1) (f) 2., 234.662
(3) (b) 3. b. and 234.662 (3) (fm) of the statutes; relating to: modifications to
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housing programs under the Wisconsin Housing and Economic Development
Authority.
Analysis by the Legislative Reference Bureau
This bill makes modifications to three housing programs administered by the
Wisconsin Housing and Economic Development Authority: the residential housing
infrastructure revolving loan program, also known as the Infrastructure Access
Program; the main street housing rehabilitation revolving loan program, also
known as the Restore Main Street Program; and the commercial-to-housing
conversion revolving loan program, also known as the Vacancy-to-Vitality Program.
For the Infrastructure Access Program, the bill does all of the following:
1. Allows a loan to a developer to provide up to 33 percent of total project costs
and a loan to a governmental unit to provide up to 25 percent of total project costs.
Under current law, a loan to a developer may provide up to 20 percent of total
project costs and a loan to a governmental unit may provide up to 10 percent of total
project costs.
2. Allows tribal housing authorities or business entities created by a tribal
council to receive loans as developers of eligible projects.
For the Restore Main Street Program, the bill does all of the following:
1. Allows a loan to provide up to $50,000 per dwelling unit or 33 percent of
total project costs, whichever is less. Under current law, a loan may provide up to
$20,000 per dwelling unit or 25 percent of total project costs, whichever is less.
2. Requires WHEDA to divide the state into regions based on the service
jurisdiction of each regional planning commission constituted under current law,
with the counties not served by a regional planning commission constituting
collectively one region. Under the bill, of the moneys appropriated to the program[s
revolving loan fund in the 2023-25 fiscal biennium, WHEDA must expend any
remaining unencumbered moneys in such a way that no region receives in loans
more than 12.5 percent of the total amount of the moneys appropriated in the 2023-
25 fiscal biennium.
3. Allows loans to be awarded to projects under the jurisdiction of a federally
recognized American Indian tribe or band.
For the Vacancy-to-Vitality Program, the bill does all of the following:
1. Allows a loan to provide up to 33 percent of total project costs related to
constructing residential housing and eliminates the dollar amount cap on loans.
Under current law, a loan may provide up to $1,000,000 per project or 20 percent of
total project costs, whichever is less.
2. Permits housing developments with four or more dwelling units to be
eligible for a loan if the housing development is located in a governmental unit with
a population of 10,000 or less. Under current law, an eligible housing development
must have 16 or more dwelling units.
3. Allows a project converting a vacant commercial building to a mixed-use
development that contains residential housing to be eligible for a loan under the
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SECTION 1
program. Under current law, to be eligible for a loan, a construction project must
convert a vacant commercial building to residential housing. Under the bill, a loan
awarded for the conversion of a vacant commercial building to a mixed-use
development must be for costs associated with constructing residential housing
within the mixed-use development.
4. Requires WHEDA to divide the state into regions based on the service
jurisdiction of each regional planning commission constituted under current law,
with the counties not served by a regional planning commission constituting
collectively one region. Under the bill, of the moneys appropriated to the program[s
revolving loan fund in the 2023-25 fiscal biennium, WHEDA must expend any
remaining unencumbered moneys in such a way that no region receives in loans
more than 12.5 percent of the total amount of the moneys appropriated in the 2023-
25 fiscal biennium.
5. Allows tribal housing authorities or business entities created by a tribal
council to receive loans as developers of eligible projects.
For all three of the programs, the bill does all of the following:
1. Permits eligible projects to benefit from a tax incremental district and to
use historic tax credits. Under current law, eligible projects may not benefit from a
tax incremental district or use historic tax credits.
2. Allows a loan to be awarded for projects on tribal reservation or trust lands
not subject to property taxes in this state if the land is designated as tribal
reservation or trust lands on the effective date of the bill.
3. In applying for a loan, requires that, in addition to the current law
requirement that a governmental unit establish that it has reduced the cost of
housing in connection with the eligible project, a governmental unit establish that
it has reduced the cost of housing within the governmental unit, generally.
4. Allows a governmental unit to satisfy the loan eligibility condition that it
update the housing element of the statutorily required local government
comprehensive plan if, within the 5 years immediately preceding the date of the
loan application, the governmental unit adopts an ordinance or resolution
certifying that the housing element of the governmental unit [s current
comprehensive plan provides an adequate housing supply that meets existing and
forecasted housing demand in the governmental unit.
5. Allows a loan to be secured by a corporate guarantee. Under current law, a
loan under any of the three programs must be secured by a personal guarantee.
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. 234.66 (1) (b) of the statutes is renumbered 234.66 (1) (b) (intro.)
and amended to read:
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SECTION 1
234.66 (1) (b) (intro.) XDeveloperY means a person other than a governmental
unit that constructs or creates residential housing. and that is any of the following:
SECTION 2. 234.66 (1) (b) 1. of the statutes is created to read:
234.66 (1) (b) 1. A person other than a governmental unit.
SECTION 3. 234.66 (1) (b) 2. of the statutes is created to read:
234.66 (1) (b) 2. A tribal housing authority or business entity created by a
tribal council.
SECTION 4. 234.66 (1) (g) (intro.) and 1. of the statutes are consolidated,
renumbered 234.66 (1) (g) and amended to read:
234.66 (1) (g) XResidential housingY means new single-family or multifamily
housing for rent or sale that satisfies all of the following: 1. Is is subject to taxation
under ch. 70 or that is not subject to taxation under ch. 70 because, on the effective
date of this paragraph .... [LRB inserts date], it is designated as reservation lands,
as defined in s. 165.92 (1) (a), or trust lands, as defined in s. 165.92 (1) (d).
SECTION 5. 234.66 (1) (g) 2. of the statutes is repealed.
SECTION 6. 234.66 (1) (g) 3. of the statutes is repealed.
SECTION 7. 234.66 (4) (a) 5. of the statutes is renumbered 234.66 (4) (a) 5.
(intro.) and amended to read:
234.66 (4) (a) 5. (intro.) The eligible governmental unit has reduced the cost of
residential housing in connection with the eligible project by voluntarily revising
zoning ordinances, subdivision regulations, or other land development regulations
to increase development density, expedite approvals, reduce impact, water
connection, and inspection fees, or reduce parking, building, or other development
costs with respect to the development of residential housing supported by the
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project. The governmental unit[s revisions to the ordinances or regulations shall
include revisions that were made in connection with the eligible project and
revisions that generally apply to residential housing projects within the
governmental unit. For purposes of this subdivision, the governmental unit in
cooperation with the developer shall submit to the authority a cost reduction
analysis in a form prescribed by the authority and signed by the developer and the
head of the governmental unit[s governing body that shows the includes the
following:
a. Information that clearly shows the estimated time or dollar amount saved
by the developer and the estimated percentage reduction in housing costs for each
cost reduction measures measure, including any time saving measures measure,
undertaken by the governmental unit on or after January 1, 2023, that have has
reduced the cost of residential housing in connection with the eligible project. The
signed analysis shall clearly show for each time saving or cost reduction measure
the estimated time or dollar amount saved by the developer and the estimated
percentage reduction in housing costs.
SECTION 8. 234.66 (4) (a) 5. b. of the statutes is created to read:
234.66 (4) (a) 5. b. Information that clearly shows the estimated time or dollar
amount reduction and the estimated percentage reduction in housing costs for each
cost reduction measure, including any time saving measure, undertaken by the
governmental unit on or after January 1, 2023, that generally applies to residential
housing projects within the governmental unit and that has reduced the cost of
residential housing within the governmental unit. These cost and time saving
measures may include the cost and time saving measures of the eligible project.
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SECTION 9. 234.66 (4) (a) 7. of the statutes is amended to read:
234.66 (4) (a) 7. If applicable, the eligible governmental unit has updated the
housing element of its comprehensive plan under s. 66.1001 (2) (b) within the 5
years immediately preceding the date of the loan application. This condition may be
satisfied if, within the 5 years immediately preceding the date of the loan
application, the governmental unit adopts an ordinance or resolution certifying
that the housing element of its current comprehensive plan provides an adequate
housing supply that meets existing and forecasted housing demand in the
governmental unit.
SECTION 10. 234.66 (4) (c) 2. of the statutes is amended to read:
234.66 (4) (c) 2. No loan awarded under this subsection may exceed 20 33
percent of the total cost of development, including land purchase, of the residential
housing supported by the eligible project.
SECTION 11. 234.66 (5) (c) of the statutes is amended to read:
234.66 (5) (c) No loan awarded under this subsection may exceed 10 25
percent of the amount of the total cost of development of the residential housing
supported by the eligible project.
SECTION 12. 234.66 (5m) (b) of the statutes is amended to read:
234.66 (5m) (b) Require that the full amount of each loan awarded under sub.
(4) is secured by one or more unlimited personal or corporate guarantees, unless the
developer provides no personal or corporate guarantee on any first mortgage for the
eligible project and the developer[s total debt associated with the project does not
exceed 75 percent of the total collateral value of the project, as determined by the
authority.
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SECTION 13
SECTION 13. 234.661 (1) (b) of the statutes is amended to read:
234.661 (1) (b) XEligible political subdivision governmental unitY means the
city, village, town, or county governmental unit having jurisdiction over an eligible
project, as determined by the authority.
SECTION 14. 234.661 (1) (c) 5. of the statutes is repealed.
SECTION 15. 234.661 (1) (c) 6. of the statutes is repealed.
SECTION 16. 234.661 (1) (cm) of the statutes is created to read:
234.661 (1) (cm) XGovernmental unitY means a city, village, town, county, or
federally recognized American Indian tribe or band in this state.
SECTION 17. 234.661 (1) (e) of the statutes is renumbered 234.661 (1) (e)
(intro.) and amended to read:
234.661 (1) (e) (intro.) XRental housingY means single-family or multifamily
housing offered or intended to be offered for rent that to which any of the following
applies:
1. The housing is subject to taxation under ch. 70.
SECTION 18. 234.661 (1) (e) 2. of the statutes is created to read:
234.661 (1) (e) 2. The housing is not subject to taxation under ch. 70 because,
on the effective date of this subdivision .... [LRB inserts date], it is designated as
reservation lands, as defined in s. 165.92 (1) (a), or as trust lands, as defined in s.
165.92 (1) (d).
SECTION 19. 234.661 (3) (b) (intro.) of the statutes is amended to read:
234.661 (3) (b) (intro.) From the main street housing rehabilitation revolving
loan fund, the authority may award loans to owners of rental housing to cover
housing rehabilitation costs for an eligible project. Any owner of rental housing,
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other than a city, village, town, or county governmental unit, may apply to the
authority for a loan in accordance with the application process established by the
authority under par. (c), but the authority may not award the loan unless the owner
of the rental housing and eligible political subdivision governmental unit
demonstrate to the satisfaction of the authority in one or more forms prescribed by
the authority that all of the following apply:
SECTION 20. 234.661 (3) (b) 3. of the statutes is renumbered 234.661 (3) (b) 3.
(intro.) and amended to read:
234.661 (3) (b) 3. (intro.) The eligible political subdivision governmental unit
has reduced the cost of rental housing in connection with the eligible project by
voluntarily revising zoning ordinances, subdivision regulations, or other land
development regulations to increase development density, expedite approvals,
reduce impact fees, or reduce parking, building, or other development costs with
respect to the eligible project. The governmental unit[s revisions to the ordinances
or regulations shall include revisions that were made in connection with the eligible
project and revisions that generally apply to residential housing projects within the
governmental unit. For purposes of this subdivision, the political subdivision
governmental unit in cooperation with the owner shall submit to the authority a
cost reduction analysis in a form prescribed by the authority and signed by the
owner and the head of the political subdivision[s governmental unit[s governing
body that shows the includes the following:
a. Information that clearly shows the estimated time or dollar amount saved
by the developer and the estimated percentage reduction in housing costs for each
cost reduction measures measure, including any time saving measures measure,
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SECTION 20
undertaken by the political subdivision governmental unit on or after January 1,
2023, that have has reduced the cost of rental housing in connection with the
eligible project. The signed analysis shall clearly show for each time saving or cost
reduction measure the estimated time or dollar amount saved by the owner and the
estimated percentage reduction in rental housing costs.
SECTION 21. 234.661 (3) (b) 3. b. of the statutes is created to read:
234.661 (3) (b) 3. b. Information that clearly shows the estimated time or
dollar amount reduction and the estimated percentage reduction in housing costs
for each cost reduction measure, including any time saving measure, undertaken by
the governmental unit on or after January 1, 2023, that generally applies to
residential housing projects within the governmental unit and that has reduced the
cost of residential housing within the governmental unit. These cost and time
saving measures may include the cost and time saving measures of the eligible
project.
SECTION 22. 234.661 (3) (b) 4. of the statutes is amended to read:
234.661 (3) (b) 4. The eligible political subdivision governmental unit is in
compliance with the requirements under ss. 66.1001, 66.10013, and 66.10014, to
the extent those requirements apply to the political subdivision governmental unit.
SECTION 23. 234.661 (3) (b) 5. of the statutes is amended to read:
234.661 (3) (b) 5. The If applicable, the eligible political subdivision
governmental unit has updated the housing element of its comprehensive plan
under s. 66.1001 (2) (b) within the 5 years immediately preceding the date of the
loan application. This condition may be satisfied if, within the 5 years immediately
preceding the date of the loan application, the governmental unit adopts an
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SECTION 23
ordinance or resolution certifying that the housing element of its current
comprehensive plan provides an adequate housing supply that meets existing and
forecasted housing demand in the governmental unit.
SECTION 24. 234.661 (3) (c) of the statutes is amended to read:
234.661 (3) (c) The authority shall establish a semiannual application process
for the award of loans under this subsection. If in any application cycle there are
insufficient moneys available in the main street housing rehabilitation revolving
loan fund to fund all applications that meet the requirements under par. (b) and are
otherwise acceptable to the authority, the authority shall prioritize funding loans
for eligible projects in eligible political subdivisions governmental units that have
reduced the cost of rental housing as described in par. (b) 3. but with respect to the
political subdivision governmental unit as a whole.
SECTION 25. 234.661 (3) (d) of the statutes is amended to read:
234.661 (3) (d) No loan awarded under this subsection may exceed $20,000
$50,000 per dwelling unit or 25 33 percent of the total housing rehabilitation project
costs, whichever is less, and the authority may establish an interest rate for any
loan awarded under this subsection at or below the market interest rate or may
charge no interest.
SECTION 26. 234.661 (3) (em) of the statutes is created to read:
234.661 (3) (em) The authority shall divide the state into regions based on the
service jurisdiction as of the effective date of this paragraph .... [LRB inserts date],
of each regional planning commission constituted under s. 66.0309, with the
counties not served by a regional planning commission as of that date constituting
collectively one region. The authority shall, to the extent feasible, expend any of the
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SECTION 26
moneys deposited into the fund under sub. (2) (a) 1. in the 2023-25 fiscal biennium
that are unencumbered on the effective date of this paragraph .... [LRB inserts
date], in such a way that no region receives more than 12.5 percent of the total
moneys deposited into the fund under sub. (2) (a) 1. in the 2023-25 fiscal biennium
in loans awarded under this subsection.
SECTION 27. 234.661 (3m) (b) of the statutes is amended to read:
234.661 (3m) (b) Require that the full amount of each loan under sub. (3) is
secured by one or more unlimited personal or corporate guarantees, unless the
developer provides no personal or corporate guarantee on any first mortgage for the
eligible project and the developer[s total debt associated with project does not exceed
75 percent of the total collateral value of the project, as determined by the
authority.
SECTION 28. 234.661 (5) (b) 4. of the statutes is amended to read:
234.661 (5) (b) 4. An identification of the eligible political subdivision
governmental unit with respect to which the loan was awarded.
SECTION 29. 234.662 (1) (c) of the statutes is renumbered 234.662 (1) (c)
(intro.) and amended to read:
234.662 (1) (c) (intro.) XDeveloperY means a person other than a city, village,
town, or county, that converts a vacant commercial building to residential use. and
that is any of the following:
1. A person other than a city, village, town, or county.
SECTION 30. 234.662 (1) (c) 2. of the statutes is created to read:
234.662 (1) (c) 2. A tribal housing authority or business entity created by a
tribal council.
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SECTION 31
SECTION 31. 234.662 (1) (d) of the statutes is amended to read:
234.662 (1) (d) XEligible political subdivision governmental unitY means the
city, village, town, or county governmental unit having jurisdiction over an eligible
project, as determined by the authority.
SECTION 32. 234.662 (1) (e) (intro.) of the statutes is amended to read:
234.662 (1) (e) (intro.) XEligible projectY means a construction project for the
conversion of a vacant commercial building to a new residential housing
development, or a construction project for the conversion of a vacant commercial
building to a new mixed-use development that contains a residential housing
development, that consists of workforce housing or senior housing if all of the
following apply:
SECTION 33. 234.662 (1) (e) 3. of the statutes is repealed.
SECTION 34. 234.662 (1) (e) 4. of the statutes is repealed.
SECTION 35. 234.662 (1) (em) of the statutes is created to read:
234.662 (1) (em) XGovernmental unitY means a city, village, town, county, or
federally recognized American Indian tribe or band.
SECTION 36. 234.662 (1) (f) of the statutes is renumbered 234.662 (1) (f)
(intro.) and amended to read:
234.662 (1) (f) (intro.) XResidential housingY means single-family or
multifamily housing for rent or sale that to which any of the following applies:
1. The housing is subject to taxation under ch. 70.
SECTION 37. 234.662 (1) (f) 2. of the statutes is created to read:
234.662 (1) (f) 2. The housing is not subject to taxation under ch. 70 because,
on the effective date of this subdivision .... [LRB inserts date], it is designated as
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SECTION 37
reservation lands, as defined in s. 165.92 (1) (a), or as trust lands, as defined in s.
165.92 (1) (d).
SECTION 38. 234.662 (1) (g) of the statutes is amended to read:
234.662 (1) (g) XResidential housing developmentY means residential housing
that consists of 16 or more dwelling units in a governmental unit with a population
greater than 10,000 or residential housing that consists of 4 or more dwelling units
in a governmental unit with a population of 10,000 or less.
SECTION 39. 234.662 (3) (b) (intro.) of the statutes is amended to read:
234.662 (3) (b) (intro.) From the commercial-to-housing conversion revolving
loan fund, the authority may award loans to developers to cover construction costs
for an eligible project for a new residential housing development, including
demolition, or for construction costs associated with constructing residential
housing for an eligible project for a new mixed-use development, including
demolition. Any developer may apply to the authority for a loan in accordance with
the application process established by the authority under par. (c), but the
authority may not award the loan unless the developer and the eligible political
subdivision governmental unit demonstrate to the satisfaction of the authority in
one or more forms prescribed by the authority that all of the following apply:
SECTION 40. 234.662 (3) (b) 3. of the statutes is renumbered 234.662 (3) (b) 3.
(intro.) and amended to read:
234.662 (3) (b) 3. (intro.) The eligible political subdivision governmental unit
has reduced the cost of residential housing in connection with the eligible project by
voluntarily revising zoning ordinances, subdivision regulations, or other land
development regulations to increase development density, expedite approvals,
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reduce impact, water connection, and inspection fees, or reduce parking, building,
or other development costs with respect to the development of residential housing
supported by the project. The governmental unit[s revisions to the ordinances or
regulations shall include revisions that were made in connection with the eligible
project and revisions that generally apply to residential housing projects within the
governmental unit. For purposes of this subdivision, the political subdivision
governmental unit in cooperation with the developer shall submit to the authority a
cost reduction analysis in a form prescribed by the authority and signed by the
developer and the head of the political subdivision[s governmental unit[s governing
body that shows the includes the following:
a. Information that clearly shows the estimated time or dollar amount saved
by the developer and the estimated percentage reduction in housing costs for each
cost reduction measures measure, including any time saving measures measure,
undertaken by the political subdivision governmental unit on or after January 1,
2023, that have has reduced the cost of residential housing in connection with the
eligible project. The signed analysis shall clearly show for each time saving or cost
reduction measure the estimated time or dollar amount saved by the developer and
the estimated percentage reduction in housing costs.
SECTION 41. 234.662 (3) (b) 3. b. of the statutes is created to read:
234.662 (3) (b) 3. b. Information that clearly shows the estimated time or
dollar amount reduction and estimated percentage reduction in housing costs for
each cost reduction measure, including any time saving measure, undertaken by
the governmental unit on or after January 1, 2023, that generally applies to
residential housing projects within the governmental unit and that has reduced the
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cost of residential housing within the governmental unit. These cost and time
saving measures may include the cost and time saving measures of the eligible
project.
SECTION 42. 234.662 (3) (b) 4. of the statutes is amended to read:
234.662 (3) (b) 4. The eligible political subdivision governmental unit is in
compliance with the requirements under ss. 66.1001, 66.10013, and 66.10014, to
the extent those requirements apply to the political subdivision governmental unit.
SECTION 43. 234.662 (3) (b) 5. of the statutes is amended to read:
234.662 (3) (b) 5. The If applicable, the eligible political subdivision
governmental unit has updated the housing element of its comprehensive plan
under s. 66.1001 (2) (b) within the 5 years immediately preceding the date of the
loan application. This condition may be satisfied if, within the 5 years immediately
preceding the date of the loan application, the governmental unit adopts an
ordinance or resolution certifying that the housing element of its current
comprehensive plan provides an adequate housing supply that meets existing and
forecasted housing demand in the governmental unit.
SECTION 44. 234.662 (3) (c) of the statutes is amended to read:
234.662 (3) (c) The authority shall establish a semiannual application process
for the award of loans under this subsection. If in any application cycle there are
insufficient moneys available in the commercial-to-housing conversion revolving
loan fund to fund all applications that meet the requirements under par. (b) and are
otherwise acceptable to the authority, the authority shall prioritize funding loans
for eligible projects in eligible political subdivisions governmental units that have
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reduced the cost of residential housing as described in par. (b) 3. but with respect to
the political subdivision governmental unit as a whole.
SECTION 45. 234.662 (3) (d) 2. of the statutes is amended to read:
234.662 (3) (d) 2. No loan awarded under this subsection may exceed
$1,000,000 per eligible project or 20 33 percent of the total project costs related to
constructing residential housing, including any land purchase, whichever is less.
SECTION 46. 234.662 (3) (fm) of the statutes is created to read:
234.662 (3) (fm) The authority shall divide the state into regions based on the
service jurisdiction as of the effective date of this paragraph .... [LRB inserts date],
of each regional planning commission constituted under s. 66.0309, with the
counties not served by a regional planning commission as of that date constituting
collectively one region. The authority shall, to the extent feasible, expend any of the
moneys deposited into the fund under sub. (2) (a) 1. in the 2023-25 fiscal biennium
that are unencumbered on the effective date of this paragraph .... [LRB inserts
date], in such a way that no region receives more than 12.5 percent of the total
moneys deposited into the fund under sub. (2) (a) 1. in the 2023-25 fiscal biennium
in loans awarded under this subsection.
SECTION 47. 234.662 (3m) (b) of the statutes is amended to read:
234.662 (3m) (b) Require that the full amount of each loan awarded under
sub. (3) is secured by one or more unlimited personal or corporate guarantees,
unless the developer provides no personal or corporate guarantee on any first
mortgage for the eligible project and the developer[s total debt associated with the
project does not exceed 75 percent of the total collateral value of the project, as
determined by the authority.
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SECTION 48. 234.662 (5) (b) 4. of the statutes is amended to read:
234.662 (5) (b) 4. An identification of the eligible political subdivision
governmental unit with respect to which the loan was awarded.
(END)
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