WI SB1048

Removes the requirement that low-income buyers must participate in rehabilitating or constructing the property to qualify for the nonprofit's property tax exemption

Expands eligibility to include property held for "redevelopment" in addition to rehabilitation and new construction

Allows nonprofits to charge interest on home sales if buyers earn less than 120% of area median income (as determined by HUD); no-interest loans remain an option for lower income households

Requires the nonprofit holding the property to be a 501(c)(3) organization under the Internal Revenue Code

Applies to property tax assessments beginning January 1, 2026