wyoming community development authority

“Financing Affordable Housing in Wyoming”

Wyoming Community Wyoming Community Development AuthorityDevelopment Authority

Bring Workers Home:Bring Workers Home:2009 Northwestern Regional 2009 Northwestern Regional Forum on Employer-Assisted Forum on Employer-Assisted

HousingHousing


• Instrumentality of the State, not a political Instrumentality of the State, not a political subdivisionsubdivision

• Established in 1975Established in 1975• WCDA does not receive state fundingWCDA does not receive state funding• 64,000 single family mortgage loans64,000 single family mortgage loans• Fixed rate, fully amortizing, fully Fixed rate, fully amortizing, fully

documented loansdocumented loans• 1994 Aa1 rating by Moody’s, AA+ S&P1994 Aa1 rating by Moody’s, AA+ S&P• 1978 Aa2 rating by Moody’s, AA+ S&P1978 Aa2 rating by Moody’s, AA+ S&P• Strength of management and professional Strength of management and professional

teamteam

Spirit!Spirit! of Wyoming of Wyoming Homeownership InitiativeHomeownership Initiative

• Created to help Wyoming Created to help Wyoming communities recruit and retain communities recruit and retain workers in certain occupations that workers in certain occupations that are critical to the health & vitality of are critical to the health & vitality of the communitiesthe communities

• 30-year mortgage program with 30-year mortgage program with specific income and purchase price specific income and purchase price limitslimits


• Eligible classifications:– Active military & military veteransActive military & military veterans– Community & social service occupationsCommunity & social service occupations– Education, training, and library Education, training, and library

occupationsoccupations– Healthcare practitioners & technical Healthcare practitioners & technical

occupationsoccupations– Healthcare support occupationsHealthcare support occupations– Protective service occupationsProtective service occupations


• Applicants do not have to be first-Applicants do not have to be first-time homebuyerstime homebuyers

• Loan can be used for new Loan can be used for new construction or existing homesconstruction or existing homes

• Purchase price limit: $236,000Purchase price limit: $236,000• Income limits vary by county – based Income limits vary by county – based

on HUD’s Area Median Incomeon HUD’s Area Median Income


• Interest rate:Interest rate:– Years 1 through 3 ………………..Years 1 through 3 ……………….. 5.00%5.00%– Years 4 and 5 ………………………..Years 4 and 5 ……………………….. 5.25%5.25%– Years 6 through 30………………Years 6 through 30……………… 5.50%5.50%


• Statistics:– Total number of Spirit! loans: 204Total number of Spirit! loans: 204

• Healthcare Support: 31%Healthcare Support: 31%• Education: 29%Education: 29%• Military: 24%Military: 24%• Protective Service: 12%Protective Service: 12%• Community & Social Service: 4%Community & Social Service: 4%

– Average income of borrowers: $48,380Average income of borrowers: $48,380– Average purchase price of homes: Average purchase price of homes:

$165,663$165,663


•Statistics– Average age of borrowers: 33Average age of borrowers: 33– 55% Single55% Single– 40% Married40% Married– 5% Unmarried Couple5% Unmarried Couple– Existing Homes: 88%Existing Homes: 88%– New Construction: 22%New Construction: 22%– Has been utilized in 13 countiesHas been utilized in 13 counties


www.wyomingcda.com

(307) 265-0603(307) 265-0603

David HaneyDavid HaneyExecutive DirectorExecutive Director

[email protected]@wyomingcda.com

http://www.wyomingcda.com/

wyoming community development authority

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