AB 264

This bill establishes a residential housing infrastructure revolving loan fund

under the jurisdiction and control of the Wisconsin Housing and Economic

Development Authority. The purpose of the fund is for WHEDA to award revolving

loans as provided in the bill to residential housing developers for eligible housing

infrastructure projects supporting workforce and senior housing. The bill requires

WHEDA, for a period of four years, to set aside 25 percent of any moneys

appropriated to the fund in the 2023-25 fiscal biennium for housing infrastructure

projects supporting senior housing.

The bill includes definitions of both workforce housing and senior housing.

Workforce housing is defined for both rental and owner-occupied housing based on

the ratio of housing costs and the ratio of household income to the area median

income of the county in which the housing is located, adjusted for family size, as

published annually by the federal Department of Housing and Urban Development.

Under the bill, senior housing is housing that satisfies the definition of workforce

housing but is intended and operated primarily for occupancy by at least one person

55 years of age or older per dwelling unit.

In accordance with a semiannual application process established by WHEDA,

a residential housing developer may apply to WHEDA for a loan under the program,

but WHEDA may not award the loan unless the developer and the city, village, town,

or county or federally recognized American Indian tribe or band having jurisdiction

of the housing infrastructure project (“eligible governmental unit”) demonstrate to

the satisfaction of WHEDA in one or more forms prescribed by WHEDA that all of

the following apply:

1. The developer has secured the necessary financial resources for the total cost

of development of the residential housing supported by the eligible project.

2. The developer has secured all applicable federal, state, and local government

permits or other approvals for the eligible project and the residential housing

supported by the eligible project.

3. The eligible governmental unit has approved the developer's application for

the loan.

4. Any applicable sewer or water service area plan has been amended if

necessary.

5. The eligible governmental unit has reduced the cost of residential housing

in connection with the specific housing infrastructure project to be funded by the loan

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 construction of residential housing supported by the project.

6. To the extent applicable, the eligible governmental unit is in compliance with

certain statutory housing planning and reporting requirements.