021-15 Wyo. Code R. § 15-2

Current through April 27, 2019

Section 15-2 - Definitions

As used in this Chapter:

(a) "Area in which the housing project is located" means the smallest geographical subdivision surrounding the site of the qualified housing project for which state income statistics are available. The "area" may be the city or town, county or the state if income statistics for a smaller area adjacent to the qualified housing project are not available.

(b) "Lower income" means income that is less than or equal to the median income in the area in which the qualified housing project is located.

(c) "Qualified housing project" means residential real estate intended to primarily benefit lower income persons throughout the period of the banks investment, including:

• (i) A project eligible for the low income housing tax credit under section 42 of the Internal Revenue Code of 1986, as amended from time to time; or

• (ii) A residential real estate project in which fifty percent (50%) or more of the housing units are occupied or to be occupied by lower income persons.

(d) "Real estate limited partnership" means a limited partnership that

• (i) has as its sole purpose the direct or indirect investment in the acquisition, rehabilitation, new construction, management, selling or renting of a qualified housing project and

• (ii) satisfies all of the requirements of Section 4.

021-15 Wyo. Code R. § 15-2