SB 481

This bill requires the Wisconsin Housing and Economic Development Authority to establish and administer a condominium conversion grant program for the purpose of awarding grants to owners of multifamily housing for the costs associated with converting multifamily housing to condominiums. Those costs may include reasonable attorney fees, state and local permitting fees, and any other costs associated with the conversion. The total amount awarded in grants under the bill for a single parcel of land may not exceed $50,000, and the bill permits WHEDA to direct up to $10,000,000 from the main street housing rehabilitation revolving loan fund for the grants. WHEDA is required to market the availability of grants under the bill and submit annual reports relating to the grant program to the Joint Committee on Finance and legislative committees having jurisdiction over housing.

Because this bill may increase or decrease, directly or indirectly, the cost of the development, construction, financing, purchasing, sale, ownership, or availability of housing in this state, the Department of Administration, as required by law, will prepare a report to be printed as an appendix to this bill.