Relating to: a first-time home buyer purchasing assistance fund and loan program and making an appropriation. (FE)

This bill creates a new fund and loan program to help first-time home buyers in Wisconsin cover costs like down payments, closing costs, and mortgage insurance. The program is managed by the Wisconsin Housing and Economic Development Authority and provides interest-free loans up to $35,000 or 10 percent of the home's purchase price, whichever is less. Eligible borrowers must be first-time home buyers or those who lost their home to foreclosure, have household income at or below 100 percent of the area median income, complete a home buyer education course, and agree to live in the home as their primary residence. The loans are forgiven in installments over ten years if the borrower keeps the home as their primary residence, with larger forgiveness amounts at five and ten-year intervals. The bill also appropriates $150 million for the fund in the 2025-26 fiscal year and allows the authority to invest unused funds in safe, low-risk investments.