WI SB476

Creates a workforce home loan fund administered by WHEDA to provide zero-interest gap financing (up to $60,000 or 25% of purchase price) for first-time homebuyers purchasing new construction or substantially rehabilitated single-family homes as primary residences

Limits eligibility to applicants with household income at or below 100% of area median income who have not owned residential property in the preceding 3 years

Sets loan terms based on income: 15 years for households above 80% AMI, 30 years for those at 60-80% AMI with 60-month payment deferral, and 40 years for those at or below 60% AMI with payments deferred until the first mortgage is paid off

Requires loans to be secured as second-lien mortgages with full principal due upon sale or if the home ceases to be the recipient's primary residence

Authorizes WHEDA to allocate up to $10 million in the 2025-27 biennium from existing housing infrastructure, main street rehabilitation, and commercial-to-housing conversion revolving loan funds