Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-3 - Definitions

Current through July 13, 2024
(a) "Affordability" means that monthly
				mortgage payments including taxes and insurance do not exceed 30 percent of the
				homeowner's monthly gross income.
(b) "Applicant" means the eligible applicant
				per Chapter 1, Section 4.
(c)
				"Area median income" means the median family income in Wyoming adjusted by
				county as published by the U.S. Department of Housing and Urban Development
				annually.
(d) "Board" means the
				Wyoming State Loan and Investment Board.
(e) "Community Development Organization"
				means as defined by
				W.S.
				9-12-301 (a)(ii).
(f) "Contractor" means a Wyoming state
				agency, authority or instrumentality under contract with the Council as
				necessary or convenient to facilitate the Council's duties under this
				program.
(g) "Community Land Trust"
				means land held in trust as a public investment for the long-term benefit of a
				community to provide secure, affordable access to land and workforce housing
				for community residents.
(h)
				"Council" means the Wyoming Business Council Board of Directors.
(i) "Council Staff" means the staff of the
				Wyoming Business Council assigned to administer the program.
(j) "Joint Powers Board" means as enumerated
				in W.S.
				16-1-101 through
				16-1-110.
(k) "Multi-year project" means a large scale,
				stand alone project which will be constructed over separate fiscal years and
				which cannot be separated into smaller, independently operational
				phases.
(l) "Phased projects" mean
				a project in which parts ("phases") are completed and fully functional before
				the entire project is built-out. For example, a subdivision that will
				eventually have twenty lots may be phased such that infrastructure will open up
				five lots at a time over four different phases. The first five lots can be
				occupied immediately upon completion of the infrastructure, and do not require
				completion of remaining three phases.
(m) "State development organization" means as
				defined by W.S.
				W.S.
				9-12-301 (a)(iv).
(n) "Workforce housing" means owner-occupied,
				residential dwellings priced to be affordable to families that have a gross
				income capped at or below 120 percent of the area median income. The 120
				percent cap may be modified to accommodate the needs of an applicant if it can
				be demonstrated that housing costs are high relative to the ability to pay
				based on a comparison of area median income to the cost of housing. In no case
				shall the cap exceed 150 percent of the area median income.
(o) "Workforce housing infrastructure" means
				publicly owned infrastructure to the boundaries of a workforce housing
				subdivision or development, and if determined by the Council to be consistent
				with the purposes of this program, through a workforce housing subdivision or
				development. To be considered "workforce housing infrastructure" under this
				program, the infrastructure shall be for a workforce housing subdivision or
				development for which the political subdivision making application under this
				program has required, through a development agreement, zoning or other land use
				restriction, the inclusion of a specified percentage or number of housing units
				at specified maximum initial sale prices or to have a specified initially
				finished, maximum square footage.