SB 877

This bill authorizes the Wisconsin Housing and Economic Development

Authority to make low-interest or no-interest loans for the rehabilitation of certain

residential properties if the rehabilitation consists of structural improvements or the

removal of lead paint. Specifically, under the bill, the authority may make such a

loan to a loan applicant if all of the following apply:

1. The applicant's household annual income does not exceed 120 percent of the

median household income for the county in which the applicant resides.

2. The applicant's home is a single-family residence that the applicant occupies

and that was constructed before 1980.

3. The applicant agrees to repay the loan, including all interest, upon the

applicant selling or otherwise transferring title to the residence to another person

or upon the applicant and his or her family vacating the residence.