Wyo. Code R. 900-0001-2
General Agency, Board or Commission Rules
Chapter 2: Loans for Rental Housing Projects
Effective Date: 06/17/1999 to Current
Rule Type: Current Rules & Regulations
Reference Number: 900.0001.2.06171999
Rental Housing Program
These regulations are adopted pursuant to Sections 9-7-101 through 9-7-125 of the Wyoming Statutes, as amended, with respect to the Multi-Family Rental Housing Program of Wyoming Community Development Authority (the “Authority”). The Authority is authorized under W.S. 9-7-105(a)(iv) to adopt rules and regulations for its housing and loan financing programs.
Section 2. Purpose and Objectives. These regulations are established to effectuate, and shall be applied so as to accomplish, the general purpose of the Wyoming Community Development Authority Act (the “Act”) and the following specific objectives:
(a) Unless a different meaning is required from the context in which they are used herein, all words and terms which are defined in the Act are used in these Rules and Regulations as defined in the Act.
(b) The following words or terms as used in these Rules and Regulations shall have the following meanings:
“Eligible tenants” means persons and families whose income does not exceed the maximum income levels as authorized or established by the Authority.
“Rental housing loan” means a loan of money, including advances and temporary and permanent loans, for the construction, reconstruction, rehabilitation or purchase of rental housing and may include any and all “project costs” as defined in the Act.
“Program” means the Authority’s program of financing or administering financial programs for rental housing.
“Residential use” means use of each rental unit as the principal residence of the occupant and not as a vacation or “second” home.
(a) The Authority may acquire or contract to acquire any interest in rental housing property from a mortgage lender or developer for:
(i) construction loans for the interim financing of development, construction or rehabilitation of rental housing;
(ii) loans for the permanent financing of such rental housing, including acquisition; or
(iii) loans for both interim construction financing and permanent financing of such rental housing.
(b) Applications and processing.
(i) The mortgage lender or developer of the rental housing must submit an application for the financing of rental housing in a form acceptable to the Authority.
(ii) The Authority, in the processing of applications, may rely upon the Federal Housing Administration, or any other entity which will guaranty or insure the project mortgage or the bonds issued to finance the mortgage, or a third party contractor approved by the Authority, for its review of the following: location, project feasibility, preliminary site plan, marketability and architectural design.
(iii) Upon approval by the Authority of the application, the mortgage lender and the developer may be required to submit the cost figures for the final construction or rehabilitation, the architectural drawings, the developer’s organizational documents and other pertinent information which the Authority determines is necessary.
(iv) The Authority may require such mortgage purchase and regulatory agreements as it deems necessary to make a commitment for the purchase of a rental housing loan.
(c) Rental housing loans and/or bonds issued to fund such loans shall be insured or guaranteed in the manner and to the extent required by the Act, by the related bond indenture and by the Authority in fulfillment of its public purposes and obligation to act with care and prudence.
(d) As a condition precedent to the initial closing of a rental housing loan, the developer and owner of the project must execute such documents as the Authority finds necessary or appropriate in regulating the acquisition, development, construction or rehabilitation of the proposed rental housing and the operations of the developer and owner, in order to protect the interest of the Authority and to permit fulfillment of the Authority’s responsibilities under the Act, these Rules and Regulations and any applicable federal law or agency regulation.
All loans insured, guaranteed or assisted by a federal governmental agency, or with respect to which the related bonds are so insured or guaranteed, are subject to the regulations of such federal government agency or any successor insuring, guaranteeing or assisting governmental agency, and any contrary regulations of the Authority do not apply.
The Authority may from time to time administer federal or state grants or tax credit programs to finance rental housing, consistent with the rules and regulations issued by the federal or state government in conjunction therewith and such additional criteria as authorized or established by the Authority to carry out the purposes of the Act.
All the books, accounts and records of the developer and owner pertaining to rental housing financed or guaranteed through the Authority are open to inspection by representatives of the Authority during regular business hours. The Authority may conduct such examinations of the books and records as it deems necessary or appropriate to determine compliance with the objectives of the Act and these Rules and Regulations. The Authority may require each developer and owner to pay the costs of any examination.