1. Wyoming Community Development Authority Financing Affordable Housing in Wyoming Housing Trust Fund (HTF) Public Hearing June 9, 2016 State of Wyoming Citizen Participation Outreach for Housing Trust Fund Allocation Plan Wyoming Community Development Authority

2. Wyoming Community Development Authority Financing Affordable Housing in Wyoming Resources have been allocated to the State of Wyoming which allow WCDA to provide funding for:  Increasing and preserving the supply of rental housing for extremely low income (ELI) households with incomes between 0 and 30% of area median income, including homeless families and  Increasing homeownership opportunities for ELI households Program Funding & Objectives

3. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Wyoming is a minimum funded state and receives $3 million per year  WCDA is designated to administer and allocate the funds for the State of Wyoming  Up to 10% may be used for administration  Up to 10% may be used for homeownership activities  A minimum of 80% must be used for rental housing activities HTF Distribution

4. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Specific timelines to commit and spend funds  24 months to enter into written agreements with Owner/Developer to reserve HTF funds  24 months to commit funds into HUD’s HTF system  5 years to actually spend the funds HTF Time Frames

5. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Incorporated Cities and Towns  Community Housing Development Organizations (CHDO)  Counties  Non-Profit Developers  For Profit Developers  Public Housing Authorities Eligible Applicants

6. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Rental Housing  New Construction  Acquisition and/or rehabilitation  Homeowner activities for 1 st time homebuyers  New Construction  Acquisition and/or rehabilitation  Operating Expense Assistance  Operating Reserves * May be used on Public Housing units in Choice Neighborhoods and/or Low Income Housing Tax Credit projects HTF Eligible Activities

7. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Provide assistance to a project previously assisted with HTF funds  Pay for acquisition of property owned by WCDA  Pay delinquent taxes, fees or charges on HTF assisted projects  Pay for political activities, advocacy, lobbying, counseling services (except housing counseling), travel expenses, or preparing/providing advice on tax returns  Pay for administrative, outreach or other costs to manage and operate WCDA’s HTF funds  Pay for any cost that is not eligible under subsection 93.201 and 93.202 HTF Prohibited Activities\Fees

8. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Development Hard Costs  Refinancing Costs  Acquisition Costs  Related Soft Costs  Operating Cost Assistance and Reserves  (≤ 30% of annual grant)  Relocation Costs  Costs related to refinancing of temporary loans HTF Eligible Project Costs

9. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Interest-bearing and Non-interest loans or advances  Deferred loans (forgivable or repayable)  Interest subsidies  Equity investments  Grants  Other forms approved by HUD Eligible forms of Subsidy

10. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Minimum and Maximum per unit subsidy is determined by WCDA annually and is included in the Affordable Housing Allocation Plan  The value or purchase price of the property purchased is restricted  A market assessment is required to determine need and market demand for projects  Underwriting of the project is required Amount of Subsidy

11. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  An assessment of Developer Capacity is required. This includes:  Experience and capacity to develop the project  Financial Resources sufficient to carry out the project Developer Capacity

12. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  100% of the HTF funds must assist extremely low income households with annual gross incomes at or below 30% of area median income (AMI) Beneficiaries

13. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Affordability Periods  Property Standards  Environmental Review  Fair Housing Laws Apply  Employment and Contracting  Site and Neighborhood Standards  Lead-based paint  Other cross-cutting regulations Additional Considerations

14. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Rehabilitation, Acquisition and/or Rehabilitation and New Construction  Rents are strictly controlled  Tenants must meet income requirements  Both rent and income restrictions are long term (minimum of 30 years)  Single or Multiple Sites  Public or Private ownership Rental Housing - Overview

15. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Minimum and Maximum per unit subsidy is determined by WCDA annually and is included in the Affordable Housing Allocation Plan  A Capital Needs Assessment performed by an unrelated professional provider  Review of owner’s management practices  Uniform Relocation Act does apply Rehabilitation of Rental Housing

16. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Rehabilitation, Acquisition and/or Rehabilitation and New Construction  Must be 1 st time homebuyer  Buyer must meet 30% income requirements  Must be primary residence  Homebuyer Education is required  Affordability requirement of not less than 30 years  Resale or Recapture Apply  Lease Purchase  Subject to prudent underwriting standards Homeownership

17. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Minimum 30 year Affordability Period  All beneficiaries must be income qualified  Rents must be no more than the 30% HUD maximum (updated annually)  Rental households must be re-certified annually  All Fair Housing Laws apply  On-site inspection will be done per HUD requirements  Ongoing Financial Over-sight Compliance

18. Wyoming Community Development Authority Financing Affordable Housing in Wyoming  Applications are accepted typically once a year, however, depending on available funding a second round may be scheduled  Typically the application period opens January 1 st with a deadline for submission of the last working day in January  Applications and the Affordable Housing Allocation Plan are be available on WCDA website  Projects are evaluated based on scoring criteria outlined in the Allocation Plan with a minimum score required for funding Allocation Process

19. Wyoming Community Development Authority Financing Affordable Housing in Wyoming Housing Trust Fund (HTF) – 24 CFR Part 93 Wyoming Affordable Housing Allocation Plan (www.wyomingcda.com) Contact Edie Phillips, Federal Programs Coordinator phillips@wyomingcda.com Lesli Wright, Deputy Executive Director of WCDA wright@wyomingcda.com Wyoming Community Development Authority 155 N. Beech Street Casper, WY 82601 (307) 265-0603 wyomingcda.com