This bill amends the Wyoming Urban Renewal Code to expand its application to include the provision of affordable housing. It introduces new findings that highlight the lack of affordable housing in municipalities, which is deemed injurious to public health, safety, and welfare. The bill defines "affordable housing" as housing where occupants pay no more than 30% of their gross income for housing costs, and it establishes that urban renewal projects may include the provision of affordable housing alongside the elimination of slums and blight. Various sections of the code are amended to incorporate these changes, emphasizing the importance of affordable housing in urban renewal efforts.

Additionally, the bill mandates that municipalities prioritize the development of affordable housing through private enterprise and outlines the necessary findings for local governing bodies to initiate urban renewal projects. It specifies that a lack of affordable housing must be determined before a project can be approved, and it allows municipalities to invite proposals for affordable housing development. The bill also includes provisions for the allocation of taxes generated from urban renewal projects, ensuring that the assessed value of properties within these projects remains stable throughout their duration. The act is set to take effect immediately upon completion of legislative processes, with specific provisions becoming effective on July 1, 2025.

Statutes affected:
25LSO-0025 v0.6: 15-9-102, 15-9-103, 15-9-104, 15-9-105, 15-9-106, 15-9-107, 15-9-110, 15-9-115, 15-9-116, 15-9-120