Wisconsin § 62.237 - Municipal mortgage housing assistance.

§ 62.237. Municipal mortgage housing assistance.

62.237(1) (1) Definitions. In this section: 62.237(1)(a) (a) “Debt service” means the amount due of principal, interest and premium for mortgage revenue bonds or revenue bonds issued under this section. 62.237(1)(b) (b) “Dwelling” means any structure used or intended to be used for habitation with up to 2 separate units certified for occupancy by the city. “Dwelling” also means any housing cooperative incorporated under ch. 185 or 193 . 62.237(1)(c) (c) “Lending institution” means any private business issuing home mortgages. 62.237(1)(d) (d) “Municipality” means any city with a population greater than 75,000. 62.237(1)(e) (e) “Owner-occupied dwelling” means a dwelling in which the owner occupies or will occupy any unit. 62.237(2) (2) Issuing loans. 62.237(2)(a) (a) The legislative body of any municipality may adopt a resolution, authorizing the municipality to: 62.237(2)(a)1. 1. Issue mortgage loans with an interest rate less than the lowest rate available at lending institutions within the municipality, for the purchase or construction of any owner-occupied dwelling located within an area described in sub. (3) . Financing for rehabilitation or home improvements may be made available as part of these loans. 62.237(2)(a)2. 2. Issue loans to any lending institution within the municipality that agrees to loan the money at designated terms for the purchase, purchase and rehabilitation or construction of any owner-occupied dwelling located within an area described in sub. (3) . 62.237(2)(a)3. 3. Foreclose any mortgage and sell the mortgaged property for collection purposes if the mortgagor defaults on the payment of principal and interest of a loan issued under this section. 62.237(2)(b) (b) The resolution shall designate each area in which dwellings are eligible for loans. 62.237(2)(c) (c) No loan may be issued to purchase, purchase and rehabilitate or construct a dwelling that violates applicable provisions of the one- and 2-family dwelling code under ss.