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making home a realityAnnual Report 2015 Vision Wyoming Community Development Authority will be a leader in sustaining and enhancing economic and community value in Wyoming through our expertise in housing programs and services. Mission To help our fellow Wyoming citizens attain quality and affordable housing. Values Commitment Responsiveness Stewardship Integrity Responsibility Accountability Respect - Creativity Wyoming Housing Network provided education to more than 958 individualswho obtained a WCDA loan through in-person and online classes. Provided in excess of 852 homebuyers. MILLIONin loans to Since 1975 WCDA has helped in excess of 52000 householdspurchase their home providing more than 4 billionin nancing. 10000 homeownerscurrently have their loans serviced by us. surpassed the 10 million mark in Home Investment Partnership Program income from inception to date. These dollars are reinvested back into the program to assist Wyomings renters and homebuyers. Provided 1.4 millionin extra assistance to new homebuyers with down payment and closing costs. Average household income of our borrowers 51302 Homeownership supports families enriches neighborhoods and helps build our economy. Wyoming Community Development Authority WCDA works with community and business partners to make homeownership possible for many Wyomingites. Through our network of Lender Partners we offer loans at attractive interest rates with minimal down payments. We also offer down payment assistance loans for borrowers needing help meeting down payment and closing cost requirements. Over the past 40 years WCDA has helped in excess of 52000 Wyoming families buy their rst home. Since buying a home is one of the most important investments a person will ever make we offer Homebuyer Education classes through our partner Wyoming Housing Network Inc. WHN. WHN offers both in-person and online classes to help take the mystery out of the homebuying and homeownership process. These classes help ensure homebuyers have all the information necessary to make smart and informed decisions about buying and keeping the home that is right for them. Our Standard First-time Homebuyer Loan Program along with the suite of programs we offer provides exible loans with up to 100 nancing and additional money to complete repairs or improvements. All of our loans are serviced at our Casper ofce allowing us to provide the highest quality customer service. Lender Partnerships Wyoming Community Development Authority loans are made possible through a number of partnerships which help us to both fund and deliver our loans to customers. Our loans are originated and closed by over 100 lenders across Wyoming. WCDAs mission of providing affordable housing nancing options for Wyoming citizens to buy homes directly mirrors Wallick Volks. Since 1932 weve had one simple mission to assist members of our community in their efforts to realize the great American dream of home ownership. It is a pleasure to partner with organizations like WCDA who strive toward achieving common goals. Rob Mossey Senior Vice President Capital Markets Wallick Volk Lender Partnerships Wyoming Community Development Authority loans are made possible through a number of partnerships which help us to both fund and deliver our loans to customers. Our loans are originated and closed by over 100 lenders across Wyoming. WCDAs mission of providing affordable housing nancing options for Wyoming citizens to buy homes directly mirrors Wallick Volks. Since 1932 weve had one simple mission to assist members of our community in their efforts to realize the great American dream of home ownership. It is a pleasure to partner with organizations like WCDA who strive toward achieving common goals. Rob Mossey Senior Vice President Capital Markets Wallick Volk 20142015 Highlights Provided in excess of 137 million in loans to 852 homebuyers Provided loans to homebuyers in 57 cities and towns Provided 1.4 million in extra assistance to 291 homebuyers with down payment and closing costs In late FY 2015 WCDA rolled out the Advantage Program and purchased nearly 1 million in loans Wyoming Housing Network provided homebuyer education to 958 Wyoming homebuyers many who obtained a WCDA loan 20142015 Highlights Provided in excess of 137 million in loans to 852 homebuyers Provided loans to homebuyers in 57 cities and towns Provided 1.4 million in extra assistance to 291 homebuyers with down payment and closing costs In late FY 2015 WCDA rolled out the Advantage Program and purchased nearly 1 million in loans Wyoming Housing Network provided homebuyer education to 958 Wyoming homebuyers many who obtained a WCDA loan Serving as Wyomings administrator of the Low Income Housing Tax Credit LIHTC program Wyoming Community Development Authority WCDA provides nancial incentives that help developers build or rehabilitate housing to be rented to low-income families at affordable rates. This encourages developers to increase andor preserve the supply of safe decent and sanitary rental housing for economically disadvantaged families. LIHTC provides a dollar-for-dollar reduction of an investors federal tax liability. In turn the development must reserve a percentage of the units for the areas lower-income residents based upon the areas median income. The credits are awarded annually through a competitive application process to ensure they are distributed fairly throughout the state. HOME a federally funded program provides annual allocations that are used to nance affordable housing. As Wyomings HOME program administrator WCDA directs an annual application cycle where funding is awarded on a competitive basis. LIHTC and HOME as primary WCDA multifamily funding sources are often utilized with other supplemental housing resources and are an example of the measures WCDA takes to ensure its programs benet the greatest possible number of Wyomingites. We know strong communities make strong economies and were proud to play a role. 2014 Multifamily Investment 7 total developments supported with Low Income Housing Tax Credits or HOME funding 203 total units supported with Low Income Housing Tax Credits or HOME funding 2751446 allocated in housing credits 2572000 awarded in HOME funding Allocated to tenants earning 40.1 - 50 AMI Allocated to tenants earning 30.1 - 40 AMI Area Median Income 18.7 57.6 23.7 Allocated to tenants earning 50.1 - 60 AMI 47.3 Of the units located in qualied census tracts 35 Of the units will be located in rural areas Cedar Mountain Cody WY 242312 LIHTC annually 333745 HOME Developer Wyoming Housing Network Inc. New Construction 12 units 6 two-bedroom 6 three-bedroom 6 40 AMI 6 45 AMI Ironwood Powell WY 235743 LIHTC annually 332423 HOME Developer Wyoming Housing Network Inc. New Construction 12 units 2 one-bedroom 4 two-bedroom 6 three-bedroom 6 40 AMI 6 45 AMI Juniper Ridge Apartments Casper WY 773476 LIHTC annually 840000 HOME Developer Wyoming Housing Network Inc. New Construction 54 units 8 one-bedroom 23 two- bedroom 23 three-bedroom 18 40 AMI 36 45 AMI Cedar Creek I Jackson WY 221401 LIHTC annually Developer Northwest Associates AcquisitionRehabilitation 23 units 12 one-bedroom 11 two- bedroom 18 60 AMI 5 50 AMI Willow Creek Cody WY 230000 LIHTC annually 597791 HOME Developer Summit Housing Group New Construction 12 units 4 two-bedroom 8 three-bedroom 12 40 AMI Buck Creek Powell WY 244770 LIHTC annually 501802 HOME Developer Summit Housing Group New construction 12 units 4 two-bedroom 8 three-bedroom 12 40 AMI Developments placed in service in 2014 Multifamily Housing Portfolio As of June 30 2015 Wyoming Community Development Authority has allocated funding under LIHTC HOME Investment Partnerships Program andor bond nancing for the creation or rehabilitation of 168 projects with a total of 4948 affordable units placed in service. We are pleased to present to you the Annual Report for the Wyoming Community Development Authority WCDA. Consistent with our approach from last year and in an attempt to provide more electronic communication our annual audited nancial statements for the period ending June 30 2015 are on our web site - www.wyomingcda. com. This allows those who have an interest in our nancial performance to see the signicant details. By utilizing our web site you can also see a complete list of the many programs for housing that we provide throughout the State including our semi- annual demographic study. In the last year we again demonstrated both nancial integrity and creativity by surviving the largest housing downturn in the countrys history since the Great Depression. Weve continued to meet our mission of providing affordable housing to the State of Wyoming while maintaining protability during a period of signicantly reduced resources. In the past year we purchased 846 loans and invested 136334611 million in new rst time homebuyer loans. The average loan amount was 162754 while the average income of those borrowers was 51302. The average age of our rst-time homebuyer was 31 years old and 39.5 of our borrowers were married. This continues to be indicative of the changing demographics of Wyomings population particularly within our market niche. Additionally the homebuyer education required by WCDA and others in the industry have made a signicant difference for our borrowers as they better understand the responsibilities of homeownership. In late 2009 federal relief was provided to the housing nance industry based upon the reality that the HFAs underwrote their mortgages in a more conservative fashion and were experiencing much better performance than the overall housing market despite their attention being focused on low down payment rst-time homeownership. Justication for the support was the belief that until the rst time homeowner tier was stabilized it would be very difcult to stabilize the remainder of the market. By utilizing the HOME Investment Partnerships Program and the Low Income Housing Tax Credits funding was approved during calendar year 2014 for an additional 203 new units of affordable rental housing. The combined investment in those programs represented more than 26.8 million invested in housing throughout Wyoming. The Neighborhood Stabilization Program NSP and HOME program also allowed WCDA to purchase foreclosed or abandoned homes rehabilitate those houses and resell them to rst- time homebuyers. Through scal year 2015 we have acquired and rehabilitated 95 foreclosed homes expending almost 19.1 MM. In addition the program allowed for the creation of 44 multifamily units providing 7772296 in NSP funding. Thanks to the implementation of a quality strategic planning process over the last seven years strategies were formulated to identify and manage areas of risk within the institution while ensuring the accomplishment of its mission and still maintain its nancial integrity. Each line of business has also completed its own strategic plan thereby establishing larger goals for departments and then translating those goals into customer value statements and more practical operating budgets. Those plans were then amalgamated into an annual program plan for the year 2015 2016 and approved by the Board of Directors in July of 2015. Delinquency continues to be troublesome but at levels far below what exists elsewhere in the country. There continues to be a gap between wages and the cost of maintaining ones household however affordability is at one of its all-time highs due to extraordinarily low interest rates. The efforts of an engaged and active Board of Directors strong management dedicated staff and a terric professional team have positioned the WCDA for the future. Despite the challenges performance continues to be solid. We have been able to maintain the nancial integrity of the Authority while continuing to meet the mission originally envisioned by the Legislature. wyomingcda.com P.O. Box 634 Casper WY 82602 307-265-0603 phone 307 266-5414 fax infowyomingcda.com