Assembly Bill 1096 establishes a revolving loan program aimed at providing gap funding for workforce housing projects in Wisconsin, under the management of the Wisconsin Housing and Economic Development Authority (WHEDA). The bill authorizes WHEDA to issue bonds up to $50 million to fund this initiative, which will allow residential housing developers to secure loans for projects that have already received partial financial assistance. The definition of workforce housing is based on the ratio of housing costs to household income relative to the area median income, adjusted for family size. Developers must collaborate with eligible governmental units and meet specific criteria to qualify for the loans, including securing necessary financial resources and permits.

The bill also amends several sections of current law to include the new section 234.663, which outlines the establishment of the gap funding for workforce housing revolving loan fund. It specifies that no loan can exceed $3 million and requires that housing funded through this program be designated for individuals with household incomes not exceeding 120% of the area median income. Additionally, WHEDA is tasked with dividing the state into regions for loan distribution and ensuring that no region receives more than 12.5% of the total funds in any application cycle. The bill mandates WHEDA to market the loan availability and report annually to the legislature on the program's progress.

Statutes affected:
Bill Text: 234.40(4), 234.40, 234.50(4), 234.50, 234.60(2), 234.60, 234.61(1), 234.61, 234.65(1)(b), 234.65