Assembly Bill 455 establishes a condominium conversion reimbursement grant program administered by the Wisconsin Housing and Economic Development Authority (WHEDA). The program aims to provide financial assistance to owners of multifamily housing for costs associated with converting their properties into condominiums. Eligible expenses for reimbursement include reasonable attorney fees, state and local permitting fees, and other related costs. The bill stipulates that the total grant amount for a single parcel cannot exceed $50,000, and WHEDA is authorized to allocate up to $10,000,000 from the main street housing rehabilitation revolving loan fund for this purpose. Additionally, WHEDA is tasked with marketing the grant availability and submitting annual reports to relevant legislative committees.

The bill includes several amendments and new provisions to existing statutes. Notably, it creates definitions for "condominium" and "grant project," and it amends existing sections to incorporate the new grant program alongside the loan program. The marketing requirements are expanded to include both loans and grants, and new reporting requirements are established to track grant awards, including details about the recipients and the projects funded. The changes are designed to enhance the effectiveness of the program and ensure transparency in the use of funds.

Statutes affected:
Bill Text: 234.661(2)(a)(intro.), 234.661, 234.661(4), 234.661(5)(c)