The HUGE .0001 Affordable Housing Scam

Across Wyoming, multi-family housing complexes are receiving full property tax exemptions, thanks to a one ten-thousandth scheme.

Each year, the Wyoming Community Development Authority facilitates millions in federal tax credits for “low-income” or “affordable” housing projects that were initially proposed by either private developers or local housing authorities. These same developers can earn seven figure fees, which are funded by taxpayer dollars, to facilitate these projects. In many cases, without contributing any real equity, the developers or private equity firms utilize local and state grants, free public or discounted land, and federal tax credits to build housing complexes that are ultimately owned 99.98% by the developers and equity firms themselves.

 When a local housing authority takes a .0001 percent interest in the project, these complexes are often granted full property tax exemptions through the county assessor’s office. In many cases, misleading applications submitted by the local housing authorities also help secure the exemption.

This is an application for a property tax exemption in Natrona County for the Raven Crest Apartments, which is a $19 million complex comprised of 100 units sprawled across 7 acres completed in 2018.

The Natrona County Assessor’s office lists the owner of the complex as “Raven Crest Apartments LLC”.

The Casper Housing Authority’s Director, Kim Summerall-Wright, completed this property tax exemption application. Despite the application expressly stating that an exemption would not be given if the applicant was not the “owner of record”, Raven Crest still received a full exemption. The application also stated that an exemption would not be considered if the property is owned by a “for profit company” or generates rental income, yet both of these disqualifiers applied to Raven Crest.

 Ms Summerall-Wright used Wyoming Statute 15-10-107 to qualify for the exemption.

 W.S. 15-10-107 states:

 The property of a municipality or county acquired or held pursuant to this chapter is public property used for essential public, governmental purposes and is exempt from all taxes and special assessments of any public body. This tax exemption does not apply to any portion of a project used for a profitmaking enterprise, but in taxing those portions appropriate allowance shall be made for any expenditure by a municipality or county for utilities or other public services which it provides to the property. In lieu of taxes on property exempt under this section, a municipality or county may agree to make such payments to any public body as it finds consistent with the maintenance of the low-rent character of housing projects and the achievement of the purpose of this chapter.

 A Wyoming public records request showed that an entity called “Casper Housing Authority CARES” owns .0001 percent of Raven Crest, while a limited partnership based on the East Coast retained 99.98%.

In another example, the Natrona County Assessor’s Office shows “Casper Housing Authority CARES” as the owner of the Liberty Square Apartments, but documents obtained by Eyes on Wyoming reveal Boston Financial as the 99.98% owner. The Casper Housing Authority merely manages the building for a 6% fee. Part of the Property Management Agreement between Liberty Square Apartments LLC and the CHA requires the CHA to apply for a tax abatement, and Liberty Square Apartments currently receives a full property tax exemption. 

 When asked about the Liberty Square Apartments exemption, Natrona County Assessor Tammy Saulsberry stated that she was unaware that the Casper Housing Authority did not own the complex. It is now under review.

 In Jackson, a series of publicly requested emails show Montana-based BlueLine Development asking the Teton County Housing Authority to take a .0001 interest in a building they were buying to “receive a property tax exemption”. These exemptions also open the door to special grants and financing facilitated by the Wyoming Community Development Authority.

When asked if the .0001 scheme exempted a complex from property tax, Brett Fanning, the Director of the Wyoming Department of Revenue, stated, “…I think these housing projects are worth a review by the Department….” Director Fanning added that he would like to work with the Attorney General’s Office regarding this matter.

 In 2022, Senator Tara Nethercott sponsored SF113, which attempted to give all properties facilitated by the Wyoming Community Development Authority an automatic property tax exemption.

 In October 2025, it was revealed that the $19 million Flat Creek Apartments complex in Jackson was given a full property tax exemption, despite it being owned 99.98% by BlueLine Development and RedStone Equity. Senator Cheri Steinmetz sent a letter to the Teton County Assessor sighting a series of Wyoming statutes and case studies, and ultimately calling for an end to the exemption.  Later, Secretary of State Chuck Gray called for an investigation. Since then, the Revenue Committee, chaired by Representative Tony Locke, hosted a hearing on this topic during their November meeting. Senator Steinmetz is currently sponsoring a bill in the upcoming session to end this practice, which could cost the state millions in lost revenue.

How the .0001 Scam Works