History
 

The Missouri Housing Development Commission, created by the 75th General Assembly, has invested almost $4 billion for rental housing developments, preservation of affordable rental housing, home mortgages, home improvement loans, grants to neighborhood housing groups, and other housing programs. MHDC functions as a bank, providing financing directly to borrowers or through a network of private lending institutions.

The Commission makes loans to non-profit and limited-dividend sponsors of residential housing to provide affordable housing for underserved Missourians. The Commission also makes funds available for the purchase of homes for first-time buyers at below-market interest rates. The funds for mortgage financing are provided through the sale of tax-exempt notes and bonds that the Commission is authorized to issue.

Additionally, the Commission is authorized to establish a revolving fund to make non-interest bearing loans to non-profit organizations to defray development costs of housing for low- and moderate-income persons. The Commission provides advisory, consultative, training and educational services to non-profit housing organizations.

The Commission also administers the federal Low Income Housing Tax Credit, Missouri Low Income Housing Tax Credit and the Affordable Housing Assistance Tax Credit; and operates a housing trust fund for very low-income Missourians to help prevent homelessness and provide emergency housing assistance.

The Commission participates with the Department of Economic Development in preparing the state's Consolidated Plan for the U.S. Department of Housing and Urban Development.

The Commission includes the governor, lieutenant governor, attorney general, treasurer and six persons appointed by the governor with the advice and consent of the Senate.