Relating to: creating a housing cooperative conversion revolving loan fund and loan program and making an appropriation. (FE)

This bill creates a revolving loan fund and program administered by the Wisconsin Housing and Economic Development Authority to provide financing for housing cooperatives. The program is designed to help these cooperatives build or purchase resident-owned housing, with a specific focus on manufactured or mobile home communities and multi-family apartment complexes. Loans issued under the program must have interest rates at or below market levels or be interest-free, and they require that at least 50 percent of the units remain affordable to households earning up to 80 percent of the area median income. Additionally, the bill appropriates $25 million to establish the fund and includes a requirement that the loan amount becomes due if the housing is sold, unless the sale is to a current resident under a rent-to-own agreement approved by the authority.