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Cheyenne council approves application to Wyoming Business Council for land to build 184 affordable-housing units
Summary
Council authorized submission of a Business Ready Community grant application to buy 8.37 acres for a proposed 184-unit affordable housing development; developer Wasatch Group described use of 4% tax credits and the mayor said private and CDBG funds would help match the grant.
The Cheyenne City Council voted to authorize submission of an application to the Wyoming Business Council under the Business Ready Community grant program to acquire 8.37 acres intended for affordable housing development.
Council and staff described the site as capable of supporting a 184-unit affordable housing project using 4% low-income housing tax credits. Jerm Johnson of the Wasatch Group told the council his group specializes in affordable development and that the structure being proposed leverages the 4% tax-credit program to maximize unit production.
Mayor Collins explained the local funding package in council discussion: part of the local match will come from community development block grant (CDBG) funds and additional private support from a new local company, Related Digital, which the mayor said has pledged $3,500,000 to help build affordable housing. The mayor described the structure as using CDBG and a portion of Related Digital's contribution to enable the first 184-unit project and to leverage additional development in the future.
Councilmember Rainey and others asked staff how the developer was selected and were told the mayor and staff had solicited several firms and recruited an outside developer with 4% tax-credit experience because local firms lacked capacity for that financing structure. The resolution to apply for the state grant passed on a council voice vote; Councilmember Moody recorded a 'no' vote.
Next steps: City staff will submit the grant application and, if awarded, proceed with land acquisition and subsequent project entitlements and financing coordination with the Wasatch Group.
