234.53 Housing rehabilitation loan fund.

529 words·~2 min read·/wi/chapter-234/234-53-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The authority shall establish the housing rehabilitation loan fund. All moneys resulting from the sale of bonds issued under the authority of s. 234.50 , not including bonds issued to refund outstanding bonds, and unless credited to the housing rehabilitation loan program capital reserve or bond redemption funds, shall be credited to such fund.

(a)All of the following shall be credited to the fund:

1. All moneys appropriated to the authority for the fund in the 2023-25 fiscal biennium.

2. All moneys received from the repayment of loans under s. 234.045 .

(b)All moneys credited to the fund under par.

(a)shall be used for loans awarded under s. 234.045 .

(c)Of the amounts credited to the fund under par.

(a)1. , the authority shall return to the secretary of administration for deposit in the general fund all such amounts not encumbered or expended for eligible rehabilitation, as defined in s. 234.045

(1), as of January 1, 2031.

(2)Except as provided in subs.

(1m)and

(2m)and s. 234.045 , the authority shall use moneys in the fund for the purpose of purchasing housing rehabilitation loans or for funding commitments for loans to lenders for housing rehabilitation loans. All disbursements of funds under this subsection for purchasing such loans shall be made payable to an authorized lender, as defined in s. 234.49

(b), or a duly authorized agent thereof.

(2m)Except for moneys credited to the fund under sub.

(1m), the authority may use moneys in the fund for the purpose of funding or purchasing loans under any down payment assistance program established by the authority.

(3)No moneys in the fund may be invested under s. 234.03

(18).

(a)In its discretion, the authority may invest fund moneys that are not required for immediate use or disbursement in all of the following to the extent lawful for fiduciaries in this state:

1. An obligation of the United States or one of its agencies or instrumentalities, or an obligation the principal and interest of which are guaranteed by the United States or one of its agencies or instrumentalities.

2. An obligation of any state, or of any county, city, or other political subdivision of a state, having long-term ratings in the AA category or higher.

3. A certificate of deposit.

4. The state investment fund.

5. A money market mutual fund restricted to one or more investments as provided in subd. 1. , 2. , 3. , or 4.

(b)All investments under par.

(a)shall be the exclusive property of the fund. All earnings on or income from such investments shall be credited to the fund.

(4)Except for moneys credited to the fund under sub.

(1m), the authority may use moneys in the fund to cover actual and necessary expenses incurred in the sale of housing rehabilitation bonds and investment of the proceeds thereof.

(5)Except for moneys credited to the fund under sub.

(1m), any moneys not needed for the purposes of the fund shall be transferred to the housing rehabilitation loan program bond redemption fund.