The Cheyenne City Council voted Nov. 24 to authorize the city to apply to the Wyoming Business Council under its Business Ready Community grant and loan program to buy 8.37 acres intended for an affordable housing development.

Mayor Patrick Collins and council members said the proposed project would use 4% low-income housing tax credits and produce 184 affordable units on the site, with Wasatch Group (represented in the meeting by Jerome/Jarm Johnson) as the developer. The mayor said the overall project is estimated at more than $40 million and that the city’s role would include a local match of roughly $3.5 million. City officials indicated about $500,000 of the match would come from Community Development Block Grant (CDBG) funds and the remainder from a $3.5 million commitment by Related Digital.

Council members discussed why out-of-state developers were recruited for the project and noted that few Wyoming firms currently have the experience to execute large 4% low-income tax credit projects. Supporters stressed the urgency of increasing housing supply to help employers recruit and retain workers and noted no general fund property taxes were being committed to this proposed application. The resolution to seek the Wyoming Business Council grant passed by voice vote, with one councilmember recorded as opposed.

The action authorizes staff to submit the grant application; securing the grant and tax-credit financing would be required before the acquisition and construction proceed. Councilmembers said additional steps, including detailed financing and site selection for subsequent phases, will follow if the city and developer secure state funding.