Historic Wyoming National Apartments Set For Local Ownership

The Casper Housing Authority is looking to buy the Wyoming National Apartments downtown, and the Casper City Council just signed off on a $1 million loan to help make it happen.

Back in April, the Housing Authority found out the property’s 15-year Low Income Housing Tax Credit had expired, which meant the building at 204 E. 2nd Street was headed for the open market.

In a memo to the city, Community Development Director Liz Becher said the Housing Authority wanted to keep the building locally owned and locally managed—especially since it provides affordable housing right in the heart of Casper.

To pull that off, the Housing Authority asked the city for a loan. They already have two loans with the city from earlier projects, and one of those is almost paid off.

The new loan comes with a 4.8% interest rate and a 25-year repayment plan. That means the Housing Authority will be paying a little over $64,000 a year.

The property was built in 1917 and renovated and placed in service in 2007 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program.

There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than the income limits which are provided by the Wyoming Community Development Authority.

Just last year the Casper Housing Authority celebrated 50 years of service. CHA was established in 1971 to address the shortage of safe, sanitary, and affordable housing for low-income individuals. The agency was created then through a resolution passed by the City of Casper council. In 1974, another resolution passed, granting CHA the right and power to hold title to real property.