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25LSO-0632
2025
STATE OF WYOMING
25LSO-0632
Numbered
2.0
HOUSE BILL NO. HB0272
Investment in Wyoming housing.
Sponsored by: Representative(s) Sherwood, Harshman and Thayer and Senator(s) Brennan and Gierau
A BILL
for
AN ACT relating to community development; creating the Wyoming housing investment program; providing legislative findings; providing for grants and loans for housing projects; specifying terms and conditions for grants and loans; creating an account; providing for an annual transfer of funds; requiring reports; making conforming amendments; providing a sunset date for the program; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 9
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7
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126 is created to read:
9
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7
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126.
Wyoming housing investment program; account; requirements.
(a)
The legislature finds and declares that:
(i)
There is in this state a critical shortage of adequate, affordable housing;
(ii)
It is in the public interest of the citizens of this state to facilitate the provision of adequate, affordable housing in order to promote the economic welfare of the state and its residents by increasing employment opportunities, stimulating economic activity, augmenting sources of tax revenue and fostering economic stability, thus improving the state's economy;
(iii)
It is the purpose of this section to promote and continue economic development by providing grants and loans for adequate housing necessary to create additional economic benefit to the state;
(iv)
This section constitutes a valid public purpose of primary benefit to the state of Wyoming.
(b)
There is created the Wyoming housing investment program. The authority shall administer the program under this section. The authority shall promulgate all rules necessary to administer and implement the program.
(c)
There is created the Wyoming housing investment account. The authority shall manage and administer the account. All funds within the account are continuously appropriated to the authority for purposes of this section. The account shall consist of all funds transferred or deposited to the account from any source and all monies collected from federal grants and other contributions, grants, gifts, bequests and donations to the account.
(d)
The Wyoming housing investment account shall be available for the following projects in the following annual amounts:
(i)
Not more than fifty percent (50%) of the account balance in any fiscal year shall be expended for grants and loans to nonprofit entities for the following purposes and subject to the following conditions:
(A)
Grants and loans under this paragraph shall be made only for:
(I)
New construction of adequate, affordable housing, including land acquisition, infrastructure and building materials and labor costs;
(II)
Rehabilitation of existing housing in order to provide adequate and affordable housing, including housing that is or was eligible for the federal low
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income housing tax credit but for which eligibility for the credit has been exhausted or has expired due to the housing no longer complying with the requirements for the credit or to provide housing that qualifies for any other low
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income housing tax credit that may be available under federal law;
(III)
Transitional housing projects for unhoused persons;
(IV)
First
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time homebuyer assistance;
(V)
A program for rental vouchers.
(B)
Grants and loans made under this paragraph shall be disbursed only to nonprofit entities located in Wyoming;
(C)
Loans issued under this paragraph shall have an interest rate of zero percent (0%) and any other terms and conditions required by the authority;
(D)
Funds repaid from any loan issued under this paragraph shall be deposited in the Wyoming housing investment account.
(ii)
Not more than forty
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five percent (45%) of the account balance in any fiscal year shall be expended for loans for business entities for the following purposes and subject to the following conditions:
(A)
Loans under this paragraph shall be made only for:
(I)
New construction of adequate, affordable housing, including land acquisition, infrastructure and building material and labor costs;
(II)
Rehabilitation of existing housing in order to provide adequate and affordable housing, including housing that is or was eligible for the federal low
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income housing tax credit but for which eligibility for the credit has been exhausted or has expired due to the housing no longer complying with the requirements for the credit or to provide housing that qualifies for any other low
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income housing tax credit that may be available under federal law.
(B)
Loans shall be made only to persons who are residents of Wyoming or whose principal place of business is located in Wyoming;
(C)
Loans issued under this paragraph shall require interest to be charged at a rate set by rule of the authority, provided that the interest rate shall not exceed the benchmark United States effective federal funds interest rate;
(D)
The authority may impose other terms and conditions on loans issued under this paragraph;
(E)
Funds repaid from any loan issued under this paragraph shall be deposited in the Wyoming housing investment account.
(iii)
Not more than four percent (4%) of the account balance in any fiscal year shall be expended for capacity building grants for cities, towns, counties and nonprofit entities to conduct or have conducted studies, analysis and research for housing and for grant administration and planning staff for projects authorized in this section;
(iv)
Not more than one percent (1%) of the account balance in any fiscal year shall be expended by the authority on administrative expenses, including at
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will employment contract positions for the fiscal year.
(e)
For purposes of the account balances specified in subsection (d) of this section, balances shall be calculated after the transfer required under W.S. 9
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4
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220(c).
(f)
The authority shall establish an application process for the grants and loans that are available under this section.
The authority may establish a fee for the ongoing monitoring of projects receiving grants and loans under this section to ensure that the projects remain in compliance with this section and any associated rules.
(g)
No grant or loan shall be made under this section without the written opinion of the attorney general certifying the legality of the transaction and all documents connected therewith.
(h)
Not later than November 1 of each year, the authority shall report to the joint appropriations committee on:
(i)
The balance of the Wyoming housing investment account;
(ii)
All grants and loans made in the immediately preceding fiscal year under this section, including the recipients of each grant and loan and the purpose for which the grant or loan was made;
(iii)
All outstanding loans made under this section, and the balance of each loan;
(iv)
Any recommendations for legislation for the Wyoming housing investment program.
(j)
No new grant or loan shall be issued under the Wyoming housing investment program on and after July 1, 2031. All grants and loans for projects under this section issued before July 1, 2031 shall be completed in accordance with this section and the terms and conditions of each grant or loan. The authority shall remit all unexpended, unobligated funds in the Wyoming housing investment account on July 1, 2031, and on each July 1 thereafter until no funds remain outstanding for the account, to the state treasurer to be deposited into the strategic investments and projects account.
Section 2.
W.S. 9
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219 by creating a new subsection (c), 9
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4
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220(b)(intro) and by creating a new subsection (c) and 9
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103(a)(xvi) are amended to read:
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4
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219.
Legislative stabilization reserve account created; purposes; legislative deficit control account.
(c)
On July 1, 2025 and again on July 1, 2026, the state treasurer shall transfer ten million dollars ($10,000,000.00), or as much thereof as is available, from any unobligated funds within the legislative stabilization reserve account to the Wyoming housing investment account created by W.S. 9
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126(c).
9
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4
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220.
Strategic investments and projects account created; purposes; fund transfers.
(b)
For fiscal year 2021 and in each fiscal year thereafter
and subject to subsections (c) and (d) of this section,
unencumbered and unobligated funds available for expenditure in the strategic investments and projects account shall be expended for the following purposes and subject to the following:
(c)
On July 1, 2025 and again on July 1, 2026, the state treasurer shall transfer ten million dollars ($10,000,000.00), or as much thereof as is available, from any unobligated funds within the strategic investments and projects account to the Wyoming housing investment account created by W.S. 9
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7
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126(c). Beginning on July 1, 2027 and on July 1 of each fiscal year thereafter through July 1, 2030, the state treasurer shall transfer twenty million dollars ($20,000,000.00), or as much thereof as is available, from any unobligated funds within the strategic investments and projects account to the Wyoming housing investment account created by W.S. 9
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126(c).
9
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7
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103.
Definitions.
(a)
As used in this act:
(xvi)
"This act" means W.S. 9
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101 through
9
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7
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125
9
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7
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126
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Section 3
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This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.
(END)
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HB0272