Casper – October 19, 2015 – (RealEstateRama) — On September 16, 2015, the Wyoming Community Development Authority (WCDA) Board of Directors approved the allocation of $2,503,655 in HOME Investment Partnership Program funding and $1,262,218 (annual allocation for 10 years) in Low Income Housing Tax Credits (LIHTC) to affordable housing developments across Wyoming. The tax credits and HOME funds, which are allocated by the WCDA through a competitive application process, will finance the development of a total of 104 rental units in three multifamily projects.
The LIHTC and HOME funds will help finance the following affordable housing development:
• Grand Harmony Apartments in Cheyenne, submitted by Costello Investments, will receive tax credit and HOME funds for a 33-unit, new construction, affordable housing project.
• Crow Creek Apartments in Cheyenne, submitted by Wyoming Housing Network, Inc., will receive tax credit and HOME funds for a 59-unit, new construction, affordable housing project.
• Rock Creek Apartments in Wheatland, submitted by Wyoming Housing Network, Inc., will receive tax credit and HOME funds for a 12-unit, new construction, affordable housing project.
To rank within the application evaluation process, developers must demonstrate that the proposed project not only meets the community’s housing needs, but also serves the appropriate in-need population as determined by income levels, rent levels, age, special needs, family size and other demographic factors. The developers determine these needs through market feasibility studies and research.
Projects that meet the minimum underwriting criteria and rank high enough in the competitive allocation process receive an annual allocation of Low Income Housing Tax Credits for ten years, which are sold to third party investors through syndicators which then is a source of equity in these multi-family rental projects. The approved project is anticipated to bring in $11.8 million in capital from out of state through the syndication of the tax credits. Projects that receive Low Income Housing Tax Credits must rent to tenants with household incomes at or below 60% of Area Median Income.
The WCDA was created in 1975 by state statute as an instrumentality of the State of Wyoming. It receives no state funding but instead brings private capital to Wyoming on the strength of federal tax benefits for investment into affordable homes and rental apartments.
For more information, contact the WCDA at (307) 265-0603.
WCDA Communications Manager