TAX CREDITS & TAX-EXEMPT BONDS: STATE-BY-STATE PREVIEW

WYOMING

BY DANA EFINGER

AFFORDABLE HOUSING FINANCE • DECEMBER 2007

CASPER—The Wyoming Community Development Authority (WCDA) is emphasizing the location of affordable housing developments in the draft of its 2008 qualified allocation plan (QAP).

In a push to ensure that low-income housing is not too concentrated in any one area, the draft QAP introduces a plan for adding or subtracting points depending on how well developments meet this objective. Those located in areas of concentrated low-income housing would receive negative points, and developers who can show their projects are sited in areas where they won’t contribute to such concentrations could be awarded 15 points.

WCDA also proposes increasing the penalty for projects located in what it considers to be inappropriate locations: sites near 100-year flood areas, high-noise areas, airport traffic zones, and hazardous material sites. Instead of receiving up to 75 negative points for projects located in any of these areas (as was the case in 2007), a project would receive up to 200 negative points.

The QAP would also decrease the points awarded for projects located within 1.5 miles (0.5 miles for seniors developments) of appropriate services needed by residents, such as grocery stores and medical care facilities. Such projects could only win 10 points, down from 25 in 2007.

WCDA expects to have about $2.28 million in tax credit authority in 2008. It has forward allocated $200,000 of lowincome housing tax credits (LIHTCs), according to its 2008 QAP draft.

WCDA’s public allocation list shows that three projects received LIHTCs in 2007. The largest reservation was awarded to Antelope Ridge Apartments, a 71-unit complex located in Gillette and developed by Nathan Richmond. Most of the units are targeting households earning no more than 55 percent of the area median income (AMI). Twelve of the units are targeting households earning no more than 30 percent of the AMI.

Wyoming’s last multifamily bond issue was in 1999. According to a statement, $60 million in bond authority was issued to single-family development in 2007. WCDA did not submit any information on expected bond activity in 2008.

WCDA bond issues are posted on www.MuniOS.com.

2008 LIHTC PROGRAM: