Nine legislators are co-sponsoring a bill that would appropriate $30 million for a revolving fund that would loan money to local governments, housing authorities and nonprofits for affordable housing.
Senate File 64, “Investment in Wyoming housing” earmarks 80% of the funds for construction, rehabilitation and land acquisition. Twenty percent could be loaned for planning for affordable or workforce housing.
Describing “a critical shortage of adequate, affordable housing,” the bill says the loans would be in the public interest. The measure would promote the state economy by “retaining a talented workforce, increasing employment opportunities, addressing rising home costs and fostering economic stability,” according to the bill.
Citing a 2022 survey by the Wyoming Association of Municipalities, co-sponsors said 90% of cities and towns have “some sort of shortage,” whether it is of affordable, workforce or senior homes.
Rep. Trey Sherwood, a Laramie Democrat, said the problem became clear when she was campaigning door-to-door.
“Every time I’ve been out it is absolutely the issue,” she said. She quoted one encounter during which a resident said, “My kids had to move away, now I can’t see my grandkids grow up.”
For Rep. Elissa Campbell, a Casper Republican and co-sponsor, the issue literally hit home when one of her children graduated from college.
“My youngest is living in my basement,” she said. “There is no affordable housing, whether it is renting or buying.”
Tribal governments too
“We cannot keep our children here or attract new families if we don’t have housing infrastructure,” co-sponsor Sen. Evie Brennan, a Cheyenne Republican, said in a statement announcing introduction of the bill. Wyoming is one of three states that doesn’t have a fund like the one proposed, she stated.
Recipients – local governments, housing authorities and nonprofits — would be located in the state, the bill says. Loans would be interest free.
“My youngest is living in my basement.”
Elissa Campbell
The bill would add a section to laws governing the Wyoming Community Development Authority. It would make rules and grant loans subject to review by the Office of the Attorney General.
Funds for the $30 million would come from the state’s Strategic Investments and Projects Account or, if that account is repealed, from the Legislative Stabilization Reserve Account.
Tribal governments and nonprofits like Habitat for Humanity would be among those eligible for loans.
“We talk a lot about community development and diversifying our economy,” Brennan said in her statement. “If we are going to do these things, we have to have a workforce. In order to have that workforce, we have to have affordable housing. We cannot keep our children here or attract new families if we don’t have housing infrastructure.”
If you want affordable housing, the first place to start is the excessive regulation in the state, especially the larger communities like Cheyenne. The second place is the inconsistent application of those regulations. Regulation is out of control and only growing – especially with housing. Elected governmental officials ignore the issue and the regulations continue to add up – additional costs that have to be passed on to the buyer. The National Association of Home Builders estimates roughly 25% of the cost associated with a new home is tied up in regulation – and those numbers are from 2021.
Until governments gets out of they way, housing cost will continue to be problematic. If you want affordable housing, the first place to start is with the burdensome regulation.
WCDA competes unfairly with private businesses, including local providers of housing, because it doesn’t pay the taxes that those providers pay. And even though it has that huge edge, its rentals are some of the worst and most run down. Instead of subsidizing it, how about supporting local businesses and enabling them to provide more affordable housing via reduced regulation, fees, and taxes?