The 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, including utilities. Additionally, it modifies the definitions of "blighted area" and "urban renewal area" to incorporate conditions that contribute to the need for affordable housing and urban renewal projects.

Key amendments include the requirement for municipalities to consider the provision of affordable housing in their urban renewal plans and to prioritize private enterprise in developing such housing. The bill also mandates that local governing bodies must adopt resolutions acknowledging the lack of affordable housing before initiating urban renewal projects. Furthermore, it stipulates that any urban renewal plan may include provisions for the division of taxes levied on properties within the project, ensuring that the assessed value of taxable property remains unchanged during the project's term. 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