Construction continues on 12 “affordable” apartments in east Cody.
Summit Housing Group and Highland Property Management will open Willow Creek Apartments at 2730 Cougar Ave. in June. They are building four two-bedroom and eight three-bedroom units.
Summit Vice President Rusty Snow said the development is “family friendly.
“We are accepting applicants who have a 40 percent average median income (AMI,) but the rate can increase to 50 percent,” he said.
The AMI in the U.S. is about 30 percent of a household’s gross monthly income for rent.
“The income level in Park County is $28,000-$35,000 per year,” Vice President of Opertions Casey Overland said. “If children are involved, the income levels increase.”
The “row housing” apartments feature 1,025 square feet two-bedroom floor plans and 1,227 square feet for three bedrooms.
The company received tax credits from the Wyoming Community Development Authority (WCDA) for the project, which fuels the lower monthly rents of $543-$627.
“Compared to the marketplace, these are big, well-priced units,” Overland said.
The development is southwest of Cody Middle School.
“In picking a location, we look for any off-site services in the area,” Overland said. “The location was already zoned, which was beneficial.”
“The city should have 100 units at our target income level,” Overland said. “That’s a huge number.”
More apartments are possible in a few years.
“We own two acres next to the current development,” Overland said. “Building additional units would require us to go through the WCDA again and receive more tax credits.”
Snow said the response has been “brisk” to their property offering.