Senate Bill 481 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 sets a cap of $50,000 on the total amount awarded for a single parcel and allows WHEDA to allocate up to $10 million from the main street housing rehabilitation revolving loan fund for these grants. Additionally, WHEDA is tasked with marketing the grant availability and submitting annual reports to relevant legislative committees.

The bill also includes several amendments and new definitions to existing statutes. It creates definitions for "condominium" and "grant project," and modifies existing provisions to incorporate the new grant program alongside the loan program. The marketing requirements are expanded to include both loans and grants, and reporting requirements are updated to include detailed information about each grant awarded. The changes aim to enhance transparency and accountability in the administration of the grant program, with the first report on the new provisions due on August 2, 2026.

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