The Wyoming Community Development Authority (WCDA) has approved a $580,850 low-income housing tax credit reservation for the development of a 53-unit development in Gillette.
The award will help finance the construction of Sage Valley Apartments by Summit Housing Group, announced WCDA officials.
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.
A second round of funding is now open with a June 26 deadline to submit applications, and final decisions scheduled to be made by approximately Nov. 19.