Millions available
for housing construction and rehabilitation
The Missouri Housing Development Commission (MHDC) has announced
the availability of millions of dollars in 2007 funding for
rehabilitation or construction of rental housing units for low
and moderate income families in Missouri.
Interested developers, community agencies and other sponsors
will be able to apply for funding that includes $4.9 million in
MHDC loan funds and more than $11.5 million in federal HOME
funds, $2.332 million in federal HOME funds earmarked especially
for nonprofit Community Housing Development Organizations and an
additional $1.1 million earmarked for tax-exempt bond
subordinate financing. MHDC will also allocate approximately
$10.9 million of federal Rental Housing Tax Credits and $10.9
million of state Rental Housing Tax Credits.
Funding is available to interested sponsors who will
rehabilitate or construct new rental housing units for low- and
moderate-income families in the State of Missouri. MHDC
administers rental housing production and preservation programs
including the federal and state low income housing tax credits.
Tax credits are allocated to a qualified development, which
involves investors in the ownership interest to generate equity.
Annually, MHDC accepts applications to fund production and
preservation of rental housing developments.
Thirty-seven affordable housing developments were approved for
funding by the Missouri Housing Development Commission in
December 2005. The developments were selected from a list of 122
developments proposed by private and nonprofit housing
developers.
A Developer’s Application Packet is available on the MHDC Web
site at http://www.mhdc.com/ and includes the FY2007 Qualified
Application Plan, Checklist, Application Forms, Guidelines and
Handbooks. Application packets are also available on a computer
disc. Contact Gladys Cardona at (816) 759-6670 to request a
diskette or printed copy of the Application Packet through the
mail.
Applications will be accepted by MHDC staff in their office at
3435 Broadway in Kansas City until 5 p.m. Central Daylight Time,
Thursday, October 19, 2006. Decisions regarding funding of
proposed developments are to be made on December 15, 2006 during
the monthly Commission meeting in the Harry S. Truman Building
Rooms 490-492 in Jefferson City.
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