234.60 Bonds for homeownership mortgage loans and qualified subprime loan refinancing.

235 words·~1 min read·/wi/chapter-234/234-60-2

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

(1)The authority may issue its bonds or notes to fund homeownership mortgage loans or the refinancing of qualified subprime loans under s. 234.592 .

(2)The limitations in ss. 234.18 , 234.40 , 234.50 , 234.61 , and 234.65 do not apply to bonds or notes issued under this section.

(4)Before issuing bonds or notes under this section, the authority shall consult and coordinate the bond or note issue with the building commission.

(a)The secretary of administration shall determine the date after which no bond or note issued may be treated as a qualified mortgage bond under 26 USC 143

(a)(1).

(b)No bonds or notes may be issued under this section after the date determined under par.

(a), except bonds or notes issued to refund outstanding bonds or notes issued under this section.

(c)The secretary of administration shall determine the date after which no bond or note may be issued under this section for the purpose of financing the acquisition or replacement of an existing mortgage under s. 234.592 .

(9)The executive director of the authority shall make every effort to encourage participation in the homeownership mortgage loan program and the qualified subprime loan refinancing program by women and minorities.

234.60 Note NOTE: Chapter 349, laws of 1981 contains a “legislative declaration” in section 1.