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Wyoming Community Development Authority

Wyoming Community Development Authority. Bring Workers Home: 2009 Northwestern Regional Forum on Employer-Assisted Housing. Wyoming Community Development Authority. Instrumentality of the State, not a political subdivision Established in 1975 WCDA does not receive state funding

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Wyoming Community Development Authority

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  1. Wyoming Community Development Authority Bring Workers Home: 2009 Northwestern Regional Forum on Employer-Assisted Housing “Financing Affordable Housing in Wyoming”

  2. Wyoming Community Development Authority • Instrumentality of the State, not a political subdivision • Established in 1975 • WCDA does not receive state funding • 64,000 single family mortgage loans • Fixed rate, fully amortizing, fully documented loans • 1994 Aa1 rating by Moody’s, AA+ S&P • 1978 Aa2 rating by Moody’s, AA+ S&P • Strength of management and professional team

  3. Spirit! of Wyoming Homeownership Initiative • Created to help Wyoming communities recruit and retain workers in certain occupations that are critical to the health & vitality of the communities • 30-year mortgage program with specific income and purchase price limits

  4. Spirit! of Wyoming Homeownership Initiative • Eligible classifications: • Active military & military veterans • Community & social service occupations • Education, training, and library occupations • Healthcare practitioners & technical occupations • Healthcare support occupations • Protective service occupations

  5. Spirit! of Wyoming Homeownership Initiative • Applicants do not have to be first-time homebuyers • Loan can be used for new construction or existing homes • Purchase price limit: $236,000 • Income limits vary by county – based on HUD’s Area Median Income

  6. Spirit! of Wyoming Homeownership Initiative • Interest rate: • Years 1 through 3 ……………….. 5.00% • Years 4 and 5 ……………………….. 5.25% • Years 6 through 30……………… 5.50%

  7. Spirit! of Wyoming Homeownership Initiative • Statistics: • Total number of Spirit! loans: 204 • Healthcare Support: 31% • Education: 29% • Military: 24% • Protective Service: 12% • Community & Social Service: 4% • Average income of borrowers: $48,380 • Average purchase price of homes: $165,663

  8. Spirit! of Wyoming Homeownership Initiative • Statistics • Average age of borrowers: 33 • 55% Single • 40% Married • 5% Unmarried Couple • Existing Homes: 88% • New Construction: 22% • Has been utilized in 13 counties

  9. Wyoming Community Development Authority www.wyomingcda.com (307) 265-0603 David Haney Executive Director haney@wyomingcda.com

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