Senate Bill 476 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 the requirement that applicants have not owned residential property in the past three years. The loans, termed workforce home loans, will not incur interest and must be secured as a second lien mortgage. The repayment terms vary based on the applicant's income, with options for deferral and extended loan terms for lower-income applicants.

Additionally, the bill amends existing statutes to allow for the allocation of funds from other housing programs to support the workforce home loan fund. It specifies that WHEDA must use repayments from these loans to fund additional loans and sets a maximum loan amount of $60,000 or 25% of the home's purchase price, whichever is less. The bill also includes provisions for the subordination of workforce home loans to new first mortgage loans and allows WHEDA to invest fund moneys in secure obligations. Overall, the bill aims to enhance housing accessibility for low- to moderate-income individuals in Wisconsin.

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