Purpose
Wyoming Housing Opportunities Association Inc.,(WHOA), is a 501(c)(3) non-profit corporation that was formed for the purpose of developing and managing affordable housing within the State of Wyoming. Created in 1993 and directed by a volunteer Board, WHOA seeks a variety of creative financing packages and partnerships to create affordable housing where documented need exists and community support is given.
DEVELOPMENT
Village Creek
Village Creek Town homes is a 51 unit project. Village Creek was constructed in 1995 and funded primarily through the use of Low Income Housing tax Credits (LIHTC). It is owned by Village Creek Limited Partnership which is comprised of WHOA as the general partner and Fannie Mae as the investor/limited partner. Mercy Housing made the bridge loan for the equity. Village Creek targets households with incomes at or below 60% of the area median income. Village Creek was developed with the intent of providing affordable home ownership, so each unit is platted separately and was designed with homeownership in mind. The units will be sold to qualifying residents after completion of the initial fifteen year tax credit compliance period in the year 2010.
Sources:
| WCDA housing Trust Fund Loan (25 yrs at 6.5%) | $2,050,000 |
| CHA development loan (from development fees) | $1,419,500 |
| Fannie Mae Equity/Mercy Bridge loan | $2,195,000 |
| Total Sources | $5,664,500 |
Golden Meadows
Golden Meadows is a 16 unit townhouse project developed by Wyoming Housing Opportunities Association, Inc. for the purpose of providing affordable family housing. Golden Meadows was funded and constructed in 1996, primarily through the use of Home Investment Partnership (HOME) funds. This development targets households at or below 50% of the area median income.
Sources:
| HOME Loan (30 yrs at 0%) | $35,000 |
| HOME Grant | $622,920 |
| Match Pool Loan (30 yrs at 0%) | $164,480 |
| WCDA Housing Trust fund Loan (30 yrs at 4.5%) | $251,690 |
| Total Sources | $1,074,090 |
Foxcrest
Foxcrest is a 56 unit townhouse project. Foxcrest was completed in 1998 primarily through the use of Low Income Housing Tax Credits. Foxcrest Housing development is owned by the Foxcrest Limited Partnership, which is comprised of WHOA and CHA as general partners and US Bank CDC as the investor/limited partner. Foxcrest targets elderly households with incomes at or below 60% of the area median income.
The Surrey Elderly Housing
The Surrey Elderly Housing represents WHOA’s first building project outside of the City of Cheyenne, located in Powell, Wyoming. Construction of the 20 unit townhouse project was completed in the spring of 2000, primarily through the use of Low Income Housing Tax Credits and Home funds. The Surrey is owned by The Surrey Limited Partnership, which is comprised of WHOA as general partner and Midland Equity Investment Group as the investor/limited partner. This development targets elderly households at or below 45% of the area median income.
Sources:
| WCDA HOME & Match ( 30 yrs at 1.5%) |
$452,800 |
| First National Bank & Trust-Powell (20 yrs at 7.25%) | $200,000 |
| Federal Home Loan Grant | $80,000 |
| CDBG | $138,000 |
| Midland Investment Corp Equity | $809,091 |
| Total Sources | $1,679,891 |
Lovell Homeownership
A need was identified in a Market Feasibility Study commissioned by the Town of Lovell for single-family homeownership in Big Horn County. The Lovell Homeownership Project was a planned development of twenty affordable single family homes. The building site is on land donated by the Town of Lovell for the development of affordable homeownership housing in their community. The project was intended to serve 100% low to moderate-income households with incomes that did not exceed 80% of Area Median Income and consist of new homes constructed on undeveloped land. Infrastructure for twenty homes is complete. The first four homes were approximately 1,066 square feet of living area, with three bedrooms and two bathrooms. The homes have attached oversized single-car garages on lots that are over 6500 square feet. Families purchasing their first home complete a homebuyer’s education course and were pre-qualified. As each home was completed, pre-qualified applicants closed on a permanent mortgage and moved into a home that they are able to purchase at an affordable price with a reduced interest rate.
The Pattison Project
Wyoming Housing Opportunities Association, Inc. purchased the Pattison property in December 2001 for $375,000.00. The Wells Fargo bank purchased the Cheyenne Housing Authority Revenue Bond and loaned $249,000 to the project. The Cheyenne Housing Authority loaned $210,000 on a deferred note to the acquisition. $84,000 in excess of the amount needed to close on the purchase was used to upgrade the facility with new appliances, floor coverings, and other delayed maintenance items. The project consists of two buildings with eight one bedroom apartments each and a common washer and dryer room in each building. The facility rents to low and moderate income tenants.