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.
AB 1049 strengthens residents' rights in mobile or manufactured home communities by requiring owners to provide 12 months' notice before closing and 14 days' notice for sales or foreclosure, while granting residents a 90-day window to form a group (with 51% approval) to purchase the community. The bill also creates tax incentives for owners by excluding income from sales to resident groups from taxable income for years after 2025. Additionally, it establishes new operational standards, including annual inspections, defined maintenance responsibilities (like roads and utilities), and mandatory evacuation plans for emergencies. These changes directly affect mobile home community owners and residents in the state.
SB 1027 gives mobile home residents the right to collectively purchase their community if 51% of adult residents approve, requiring owners to provide 60-day notice before selling or closing. The bill creates tax incentives for owners who sell to resident groups, homeowner associations, or nonprofits, and defines "maintenance costs" to exclude capital improvements. It also mandates annual inspections, evacuation plans for emergencies, and requires owners to notify residents of sales offers or foreclosure. These changes directly affect mobile home community owners and residents in Wisconsin, aiming to increase resident control and transparency.
AB 917 creates a $150 million First-Time Home Buyer Purchasing Assistance Fund to provide interest-free loans for eligible buyers. It directly affects first-time homebuyers who have never owned a home (or lost one to foreclosure), earn at or below 100% of local median income, complete homebuyer education, and occupy the home as their primary residence. Loans cover up to $35,000 or 10% of the home’s purchase price (whichever is lower) for down payments, closing costs, and other expenses, with 12.5% forgiveness after 2.5 years and full forgiveness after 10 years. Repayment is triggered if the home is sold, stops being the primary residence, or if the borrower violates loan terms. The program is administered by Wisconsin’s Housing and Economic Development Authority.
SB 476 modifies a state workforce home loan program to set maximum home purchase prices by county, based on annual data from the federal Department of Housing and Urban Development. It prohibits fees on these loans and requires qualified organizations (like approved lenders) to verify applicant eligibility using state-provided forms. The bill directly affects low-to-moderate income homebuyers seeking affordable mortgages through this program. Key changes include adding county-specific price limits to underwriting guidelines and requiring the state authority to distribute loan funds electronically. The bill is pending final passage after committee approval.
AB 454 establishes a statewide "workforce home loan" revolving loan program to help low-to-moderate income workers purchase homes. It creates a new fund that will provide loans to first-time homebuyers whose household income is at or below 100% of the local area median income, with requirements including no prior residential property ownership in the past three years and meeting specific debt-to-income and credit score standards (minimum 580 FICO score for deferred payment options). The program uses repayments from existing loans to replenish the fund, allowing it to serve more borrowers over time. This directly affects eligible workforce households in housing markets across the state who qualify under the defined income and underwriting criteria.
