AB264,5,43 (g) “Residential housing” means new single-family or multifamily housing for
4rent or sale that is subject to taxation under ch. 70.
AB264,5,75 (h) “Senior housing” means residential housing that satisfies par. (i) 1. to 4. and
6that is intended and operated primarily for occupancy by at least one person 55 years
7of age or older per dwelling unit, as determined by the authority.
AB264,5,98 (i) “Workforce housing” means residential housing that satisfies all of the
9following, as determined by the authority.
AB264,5,1510 1. For housing intended to be rented, the estimated annual housing costs, as
11defined under s. 16.301 (3), do not exceed, or are not expected to exceed, 30 percent
12of 100 percent of the area median income, with family size determined using the
13federal imputed income limitation, as defined in 26 USC 42 (g) (2) (C), and the
14utility-related costs if not included in the rent equal the utility allowance
15determined by the federal department of housing and urban development.
AB264,5,2016 2. For housing intended to be occupied by the owner, the estimated annual
17housing costs, as defined under s. 16.301 (3), do not exceed, or are not expected to
18exceed, 30 percent of 140 percent of the area median income, with family size
19determined using the federal imputed income limitation, as defined in 26 USC 42 (g)
20(2) (C).
AB264,5,2321 3. For housing intended to be rented, the housing is for occupancy by
22individuals whose annual household income does not exceed 100 percent of the area
23median income.
AB264,6,3
14. For housing intended to be occupied by the owner, the housing is for purchase
2by individuals whose annual household income is not more than 140 percent of the
3area median income.
AB264,6,9 4(2) Establishment of fund. (a) There is established under the jurisdiction and
5control of the authority a residential housing infrastructure revolving loan fund, for
6the purpose of providing loans under sub. (3). The authority may use moneys in the
7fund to cover actual and necessary expenses incurred to accomplish the purposes of
8this section, including marketing expenses under sub. (6), and administer the fund.
9The fund shall consist of all of the following:
AB264,6,1010 1. All moneys appropriated to the authority for the fund.
AB264,6,1111 2. All moneys received from the repayment of loans under sub. (3).
AB264,6,1612 (b) Of the amounts deposited in the fund under par. (a) 1. in the 2023-25 fiscal
13biennium, the authority shall return to the secretary of administration for deposit
14in the general fund all such amounts not encumbered or expended for an eligible
15project as of the first day of the 8th year beginning after the effective date of this
16paragraph .... [LRB inserts date].
AB264,6,1717 (c) No moneys in the fund may be invested under s. 234.03 (18).
AB264,6,20 18(3) Establishment of revolving loan program. The authority shall establish
19and administer a residential housing infrastructure revolving loan program for the
20purpose of awarding loans under this section.
AB264,7,3 21(4) Loans to residential housing developers. (a) From the residential
22housing infrastructure revolving loan fund, the authority may award loans to
23developers to cover housing infrastructure costs for an eligible project. Any
24developer may apply to the authority for a loan under this subsection in accordance
25with the application process established by the authority under par. (b), but the

1authority may not award the loan unless the developer and the eligible governmental
2unit demonstrate to the satisfaction of the authority in one or more forms prescribed
3by the authority that all of the following apply:
AB264,7,54 1. The developer has secured the necessary financial resources for the total cost
5of development of the residential housing supported by the eligible project.
AB264,7,86 2. The developer has secured all applicable federal, state, and local government
7permits or other approvals for the eligible project and the residential housing
8supported by the eligible project.
AB264,7,109 3. The eligible governmental unit has approved the developer's application for
10the loan.
AB264,7,1211 4. Any applicable sewer or water service area plan has been amended if
12necessary.
AB264,8,213 5. The eligible governmental unit has reduced the cost of residential housing
14in connection with the eligible project by voluntarily revising zoning ordinances,
15subdivision regulations, or other land development regulations to increase
16development density, expedite approvals, reduce impact, water connection, and
17inspection fees, or reduce parking, building, or other development costs with respect
18to the development of residential housing supported by the project. For purposes of
19this subdivision, the governmental unit in cooperation with the developer shall
20submit to the authority a cost reduction analysis in a form prescribed by the
21authority and signed by the developer and the head of the governmental unit's
22governing body that shows the cost reduction measures, including time saving
23measures, undertaken by the governmental unit on or after January 1, 2023, that
24have reduced the cost of residential housing in connection with the eligible project.
25The signed analysis shall clearly show for each time saving or cost reduction measure

1the estimated time or dollar amount saved by the developer and the estimated
2percentage reduction in housing costs.
AB264,8,53 6. The eligible governmental unit is in compliance with the requirements under
4ss. 66.1001, 66.10013, and 66.10014, to the extent those requirements apply to the
5governmental unit.
AB264,8,86 7. If applicable, the eligible governmental unit has updated the housing
7element of its comprehensive plan under s. 66.1001 (2) (b) within the 5 years
8immediately preceding the date of the loan application.
AB264,8,169 (b) The authority shall establish and provide a semiannual application process,
10including underwriting guidelines, for the award of loans under this subsection. If
11in any application cycle there are insufficient moneys available in the residential
12housing infrastructure revolving loan fund to fund all applications that meet the
13requirements under par. (a) and are otherwise acceptable to the authority, the
14authority shall prioritize funding loans for eligible projects in eligible governmental
15units that have reduced the cost of residential housing as described in par. (a) 5. but
16with respect to the governmental unit as a whole.
AB264,8,1817 (c) 1. The authority shall charge no interest on a loan awarded under this
18subsection.
AB264,8,2119 2. No loan awarded under this subsection may exceed 20 percent of the total
20cost of development, including land purchase, of the residential housing supported
21by the eligible project.
AB264,9,422 (d) The authority shall set aside 25 percent of all moneys deposited in the fund
23under sub. (2) (a) 1. in the 2023-25 fiscal biennium for a period of not less than 4 years
24following the effective date of this paragraph .... [LRB inserts date], for loans
25awarded under this subsection and sub. (5) for eligible projects supporting senior

1housing. For purposes of this paragraph, if a loan supports both workforce housing
2and senior housing, the amount of such loan supporting senior housing shall be
3calculated by prorating the loan amount between the 2 uses based on the number of
4residential housing units supported by the loan.
AB264,9,145 (e) The authority shall set aside 30 percent of all moneys deposited in the fund
6under sub. (2) (a) 1. in the 2023-25 fiscal biennium, including 30 percent of all
7moneys set aside under par. (d), for a period of not less than 4 years following the
8effective date of this paragraph .... [LRB inserts date], for loans awarded under this
9subsection and sub. (5) for eligible projects in cities, villages, and towns with a
10population of 10,000 or less. For purposes of this paragraph, if a single loan supports
11eligible projects for more than one city, village, or town, the amount of such loan
12attributable to any one city, village, or town shall be calculated by prorating the loan
13amount between the cities, villages, and towns based on the number of residential
14housing units supported by the loan.
AB264,9,2115 (f) The authority shall divide the state into regions based on the service
16jurisdiction as of the effective date of this paragraph .... [LRB inserts date], of each
17regional planning commission constituted under s. 66.0309, with the counties not
18served by a regional planning commission as of that date constituting collectively one
19region. Of all moneys deposited in the fund under sub. (2) (a) 1. in the 2023-25 fiscal
20biennium, no region may receive more than 25 percent in loans awarded under this
21subsection and sub. (5) in any given application cycle.
AB264,9,2522 (g) 1. The authority and each developer receiving a loan under this subsection
23shall enter into an agreement establishing the term and other conditions of the loan.
24The agreement shall include, and give the authority the power to enforce, all of the
25following requirements:
AB264,10,2
1a. That the full amount of the loan shall become due upon the developer's sale
2or transfer of all residential housing constructed in connection with the loan.
AB264,10,83 b. That all residential housing constructed in connection with the loan shall
4remain workforce housing or senior housing, as applicable, for a period commencing
5on the date of the loan and concluding 10 years following initial occupancy of the
6residential housing constructed in connection with the loan. This restriction shall
7be recorded against the residential property with the applicable register of deeds and
8shall run with the land.
AB264,11,29 c. With respect to each loan under this subsection for workforce housing or
10senior housing intended for rent, that the owner of the rental housing, for a period
11commencing on the date of the loan and concluding 10 years following initial
12occupancy of all of the rental units constructed in connection with the loan, shall
13annually submit to the authority a certified rent roll for the housing that sets forth
14for each rental unit the monthly rent required under the lease, the actual monthly
15rent received for the preceding year, and an identification of the utilities and their
16amounts included in the rent. This restriction shall be recorded against the
17residential property with the applicable register of deeds and shall run with the land.
18The authority shall use the information provided under this subd. 1. c. to confirm
19that the rental housing continues to meet the housing costs limitation for purposes
20of sub. (1) (h) and (i) 1. The authority shall calculate the applicable monthly
21limitation on housing costs for each year by dividing the area median income for the
22year by 12, with family size determined using the federal imputed income limitation,
23as defined in 26 USC 42 (g) (2) (C). If in any year the area median income has
24decreased compared to the prior year, the applicable housing cost limitation shall be

1calculated based on the most recent area median income information prior to such
2decrease.
AB264,11,123 d. With respect to each loan under this subsection for workforce housing or
4senior housing intended to be owner-occupied, that for the 10-year period
5commencing immediately after the developer closes on the sale of the housing to the
6initial owner-occupier, the housing shall remain owner-occupied and may not be
7sold for a price that exceeds the price charged by the developer to the initial
8owner-occupier, adjusted annually by the average compounded annual percentage
9increase in the sale price of all residential housing in the county in which the housing
10is located, as determined by the authority. These restrictions shall be recorded
11against the residential property with the applicable register of deeds and shall run
12with the land.
AB264,11,1613 2. Any restriction recorded against the property under subd. 1. shall terminate
14on the date the property is acquired by foreclosure, or by an instrument in lieu of
15foreclosure, unless the authority determines that the acquisition is part of an
16arrangement a purpose of which is to terminate the restriction.
AB264,11,1917 (h) In addition to other criteria explicitly provided for under this subsection,
18in awarding each loan under this subsection, the authority shall take into account
19only the following in descending order of priority:
AB264,11,2020 1. Credit risk, collateral, and the need for a loan guarantee.
AB264,11,2121 2. The estimated reduction in housing costs.
AB264,11,2222 3. The need for workforce housing or senior housing in the area.
AB264,12,6 23(5) Loans to governmental units. (a) If the authority awards a loan to a
24developer for an eligible project under sub. (4), the authority may award a loan from
25the residential housing infrastructure revolving loan fund to the eligible

1governmental unit approving the developer's loan. The authority and each
2governmental unit receiving a loan under this subsection shall enter into an
3agreement establishing the term and other conditions of the loan. The eligible
4governmental unit may use proceeds of a loan awarded under this subsection to cover
5public infrastructure costs incurred by the governmental unit in connection with the
6eligible project that are not directly related to the eligible project itself.
AB264,12,87 (b) The authority shall charge no interest on a loan awarded under this
8subsection.
AB264,12,109 (c) No loan awarded under this subsection may exceed 10 percent of the amount
10of the loan awarded to the developer under sub. (4).
AB264,12,12 11(6) Marketing. The authority shall establish and administer a marketing
12program to advertise the loans available under this section.
AB264,12,16 13(7) Annual reports. Beginning in 2024, no later than August 1 of each year,
14the authority shall submit to the joint committee on finance and under s. 13.172 (3)
15to the standing committees of the legislature having jurisdiction over matters
16related to housing a report that includes all of the following:
AB264,12,1817 (a) A statement of the condition and balance of the residential housing
18infrastructure revolving loan fund.
AB264,12,2019 (b) Information concerning each loan awarded under sub. (4) or (5), including
20all of the following:
AB264,12,2121 1. The date, amount, amortization period, and current status of the loan.
AB264,12,2222 2. An identification of the loan recipient.
AB264,12,2423 3. A description of the eligible project funded with the loan, including whether
24the project is for workforce housing or senior housing.
AB264,13,2
14. An identification of the eligible governmental unit with respect to which the
2loan was awarded.
AB264,13,53 (c) The number of dwelling units created to date as a result of the loan program,
4the locations and sale or rental prices of the dwelling units, and whether the dwelling
5units constitute workforce housing or senior housing.
AB264,13,66 (End)
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