Wyoming Rehabilitation & Acquisition Program
The Wyoming Rehabilitation and Acquisition Program (WRAP) is funded federally under the Housing and Economic Recovery Act of 2008, more commonly known as the Neighborhood Stabilization Program (NSP) and under Title II (the Home Investment Partnerships Act) of the National Affordable Housing Act of 1990, more commonly known as the HOME Program. The NSP program and the HOME Program are subject to the same federal requirements related to fair housing, nondiscrimination, labor standards, and the environment (including lead-based paint). The national objective of the NSP funds is to address the problem of abandoned and foreclosed homes.
The purpose of the WRAP program is to purchase qualified properties, rehabilitate the properties, and then sell the properties to qualified, income eligible households. The WRAP program will utilize existing housing stock which will be brought up to pre-defined housing quality standards. Housing that is determined to be unsafe and blighted and exceeds cost reasonableness to bring the property up to habitable standards may be demolished and a new housing unit constructed in its place.
Properties may not be available in all counties at any one time. The availability of WRAP participating properties and their specific locations will be posted on the WCDA website at WRAP Properties for Sale.
Minimum Applicant Selection Criteria
As a general rule, households must be at or below 80% AMI to qualify for the program. Occasionally specific properties will be made available to households up to 120% AMI. Contact WCDA for a list of the specific properties.
Households with incomes at or below 50% AMI will be given a priority unless:
In addition to having to meet income and credit requirements the applications will also be reviewed and a determination will be made as to the appropriateness of the size of the property to prevent overcrowding or over-housing. The standards are as follows:
|Percentage of Area Median Income||APR|
|Up to 50%||1.00%|
|51% to 80%||2.00%|
|81% to 120%||3.00%|
The monthly payments collected on the loans (program income) will be returned to the appropriate Federal program account and recycled for future use by any and all eligible activities. All mortgages will be serviced by the WCDA.
For additional information or to request a pre-application please contract:Paula Travers at (307) 265-0603 Or email: Travers@wyomingcda.com