Low-Income Housing Tax Credits & Rural Housing in Wyoming, 2018

Wyoming's 2018 Qualified Allocation Plan (QAP) has a set-asde that prioritizes housing in rural areas. 

Small Rural Project Set-aside

Small projects in rural areas are extremely difficult to develop. As such, a set-aside has been created for small rural projects allowing these projects to compete on a more even level. The amount of the set-aside is disclosed in the Current Year Summary Attachment “A”.

In order to qualify for the Small Rural Project Set-aside the following criteria applies:

· The project must be in a small community with a population under 15,000 and no communities with a population over 15,000 are within 20 miles of the project.

· The project must have 24 or fewer units

· The project must not be done in conjunction with a separate project in the same locale.

Due to the fact that Market Rents are typically lower than Tax Credit Rents in Rural areas, projects may have a 10% variance in Income and Rent levels when qualifying for the Small Rural Project Set-aside.

Other financing partners in small and/or rural projects typically require higher Reserve Accounts. WCDA in its sole discretion may remove these costs when analyzing the total projects costs for scoring purposes.

Projects of 12 units or less that qualify under the Small Rural Project Set-aside will be allowed to earn a Developer Fee up to $500,000 per project. Developer fees for projects of 13 to 24 units will be calculated per normal WCDA guidelines.

Contributed By: 
National Housing Trust

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