§ 9-12-902 — Wyoming workforce housing infrastructure program; creation; rulemaking

Wyoming § 9-12-902

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 12: WYOMING ECONOMIC DEVELOPMENT ACT
• Art. 9: COMMUNITY WORKFORCE HOUSING PROGRAM

Text

(a) The council shall establish and administer a Wyoming
workforce housing infrastructure program as provided by this
article. Any city, town, county, special improvement district or
the Eastern Shoshone or Northern Arapaho tribe, or the
cooperative tribal governing body, may submit an application to
the council for a loan under the program on forms prescribed by
and subject to rules promulgated by the council. Loans may be
applied for by a joint powers board with the approval of all
participating agencies to the joint powers agreement. Loans may
be made by the council for workforce housing infrastructure
projects and community land trust projects. In adopting rules
and making loans under this article the council shall require
all projects to be related to workforce housing infrastructure
or community land trusts.
(b) Loans may be made at zero interest rate, up to an
annual interest rate equal to the average prime interest rate as
determined in accordance with subsection (e) of this section.
The council shall establish criteria for determining the maximum
loan amounts subject to final approval by the state loan and
investment board.
(c) Loans shall be made under this article, only if the
applicant demonstrates that upon receipt of the loan, all
projected project costs will be funded. Loans for one (1)
project may not exceed a maximum annual amount established by
rule of the council. Multi-year projects may be awarded up to
the maximum annual amount each year, for a period not to exceed
three (3) years, as approved by the state loan and investment
board. The application shall identify the source of all funds
to be used for the project.
(d) Loans may be used to fund project costs in accordance
with approved applications and rules of the council. Loan funds
may be used to contract with community development
organizations, state development organizations and nonprofit
organizations in accordance with the purposes of this article
and approved applications.
(e) Loans provided under this article shall be adequately
collateralized as determined by the council. The council shall
establish interest rates to be charged for loans under the
program, but the interest rate shall not exceed an annual
interest rate equal to the average prime interest rate as
determined by the state treasurer. To determine the average
prime interest rate, the state treasurer shall average the prime
interest rate for at least seventy-five percent (75%) of the
thirty (30) largest banks in the United States. The interest
rate shall be adjusted on January 1 of each year. Interest
rates shall be established in recognition of the repayment
abilities and needs of the local governmental entity eligible
for loans under the program. The council shall establish loan
amortization schedules, terms and conditions for each loan
approved.
(f) No loans shall be made without the written opinion of
the attorney general certifying the legality of the transaction
and all documents connected therewith. An election approving the
project and borrowing for the project by the qualified electors
of the borrowing entity shall be required only if the attorney
general determines such an election is otherwise required by
law.
(g) Loans and loan commitments or any combination thereof
shall be made under this article only:
(i) If there are sufficient funds in the workforce
housing infrastructure program account to fully fund it and all
other outstanding commitments and loans;
(ii) If repayment of any loan provided by the state
is adequately collateralized. The adequacy of the collateral
shall be determined by the council, subject to final approval by
the state loan and investment board.
(h) Repayments of loans under this section shall be
credited to the Wyoming workforce housing infrastructure program
account.
(j) Repealed by Laws 2022, ch. 1, § 2.
(k) After approval of loans, the applicants shall report
to the council, as required by the approved application. The
report shall include:
(i) The progress of the project until the project is
completed;
(ii) Any additional information required by the
council to ensure compliance with loan requirements or
compliance with this article.