SB 726

This bill makes a number of changes to the laws governing the Wisconsin

Housing and Economic Development Authority, including the following:

1. Eliminates the requirement that certain organizations participating in

WHEDA's programs allow WHEDA under certain circumstances to appoint a

majority of the members of the organization's governing body.

2. Authorizes WHEDA to hold, sell, or cancel WHEDA's notes or bonds WHEDA

itself purchases. Under current law, such notes or bonds must be canceled.

3. Provides that every four years, beginning in 2018, WHEDA may request

approval of the Joint Committee on Finance to issue additional notes and bonds in

the amount specified in the request for economic development purposes if the

authority determines that the issuance of additional notes and bonds will promote

significant economic development in this state.

4. Authorizes WHEDA to issue a homeownership mortgage loan to a

homeowner for the refinancing of the homeowner's existing mortgage if the property

is located in an area in a first class city in which WHEDA determines there is a high

concentration of persons and families of low and moderate income, the homeowner

does not qualify for a mortgage loan through other lenders, and the homeownership

mortgage loan WHEDA issues is used in part to finance rehabilitation of the eligible

property.

5. Allows WHEDA to use moneys from its housing rehabilitation loan fund to

purchase or fund loans under any down payment assistance program established by

WHEDA. Current law requires WHEDA to use moneys from the housing

rehabilitation loan fund for funding housing rehabilitation loans or administering

the housing rehabilitation loan program.