Assembly Bill 454 establishes a workforce home loan program under the Wisconsin Housing and Economic Development Authority (WHEDA) to provide gap financing for eligible applicants purchasing single-family residences in Wisconsin. The bill defines "substantial rehabilitation" and outlines the criteria for eligibility, including income limits and ownership history. It prohibits WHEDA from charging interest on these loans, which must be secured as a second lien mortgage, and sets specific loan terms based on the applicant's income level. The bill also allows for loan repayment deferrals and establishes conditions under which the total unpaid principal becomes due.

Additionally, the bill amends existing statutes to allow for the deposit of funds into the newly created workforce home loan fund from other revolving loan funds. It specifies that WHEDA may allocate up to $10 million from housing funds for this program during the 2025-27 fiscal biennium. The bill aims to enhance housing accessibility and affordability for low- to moderate-income individuals and families in Wisconsin, while also requiring a report from the Department of Administration on the potential impacts on housing costs.

Statutes affected:
Bill Text: 234.66(2)(a)(intro.), 234.66, 234.661(2)(a)(intro.), 234.661, 234.662(2)(a)(intro.), 234.662