WCDA Adds Funding To Affordable Housing
On Thursday, May 15, 2014, the Wyoming Community Development Authority Board of Directors approved the allocation of approximately $1.3 million in Low Income Housing Tax Creditsand $1.5 million in HOME Investment Partnership Program funds 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 110 rental units in three multifamily projects.
The LIHTC and HOME funds will help finance the following affordable housing developments:
Valley Hills Apartments in Casper, submitted by Summit Housing Group, will receive tax credit and HOME funds for a 36-unit new construction, affordable housing project.
Cedar Creek Apartments II in Jackson, submitted by Machacek Real Estate Holdings, will receive tax credit funds for the rehabilitation of a 27-unit, affordable housing project.
Fox Farm Townhomes in Cheyenne, submitted by Summit Housing Group, will receive tax credit funds for a 47-unit new construction, affordable housing project.
Developers had to 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.
A second round of funding is now open with a deadline to submit applications of August 22, 2014 with final decisions schedule approximately November 13, 2014.
For more information, contact the WCDA at (307) 265-0603.