SB 1037

This bill directs the Wisconsin Housing and Economic Development Authority

to conduct a feasibility study with respect to the establishment of a program to award

up to $2,000,000 in grants to counties that the counties will then distribute as down

payment assistance to individuals for the purchase of a principal residence. The

program would include the requirement that counties use the grants to provide down

payment assistance to individuals who meet at least the following conditions:

1. The individual's household income does not exceed 80 percent of the area

median family income in the participant county, adjusted for family size, as

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

2. The individual will use the monies to make a down payment on the purchase

of a principal residence for the individual in the county.

3. The individual completes a financial education program approved by

WHEDA.

4. The individual agrees to pay back the assistance if he or she does not

maintain the residence as his or her principal residence for a period of at least five

years.

Under the bill, WHEDA must submit a report of its findings from the feasibility

study to the legislature no later than December 31, 2024. The report must include

any recommendations of WHEDA, including additional or different eligibility

criteria for counties and individuals participating in the grant program.