Section 234.623. Eligibility.

  The authority shall make loans to a participant who meets all of the following requirements:

(1)  The participant applies on forms prescribed by the authority for a loan to pay property taxes or special assessments by June 30 of the year in which the taxes or special assessments are payable on a qualifying dwelling unit and, except as provided in s. 234.625 (5) , specifies the names of all co-owners.

(2)  The participant resides in the qualifying dwelling unit more than 6 months of the year preceding each year of participation, but temporary residency in a health care facility may be substituted for any portion of this 6-month residency.

(3)  The participant keeps continuously in effect during the period that a loan is outstanding under ss. 234.621 to 234.626 a fire and extended casualty insurance policy on the qualifying dwelling unit satisfactory to the authority and permits the authority to be named on the policy as a lienholder.

(4)  The participant either individually or with other co-owners owns the qualifying dwelling unit free and clear. If the qualifying dwelling unit is owned with co-owners, each of these persons must approve the application under sub. (1) .

(5)  The participant earned no more than $20,000 in income, as defined under s. 71.52 (5) , in the year prior to the year in which the property taxes or special assessments for which the loan is made are due.

1981 c. 20 ; 1983 a. 189 s. 329 (10) ; 1983 a. 544 s. 47 (1) ; 1985 a. 29 s. 3202 (46) (a) ; 1987 a. 27 , 29 ; 1987 a. 312 s. 17 ; 1991 a. 269 s. 510uf ; Stats. 1991 s. 16.995; 1993 a. 16 s. 130h ; Stats. 1993 s. 234.623; 1999 a. 85 .