The federally funded HOME program provides a financing source for several eligible activities that increase the supply of affordable housing for low and very low income persons. One of these activities is the acquisition and rehabilitation or new construction of rental housing. As HOME Administrator for the State of Missouri, MHDC uses a portion of its annual HOME allocation to finance rental production at a very low interest rate, which results in rents that are affordable to low income families.
Eligibility Requirements
Developers (for-profit and non-profit) are eligible to apply for financing. Applicants must demonstrate prior, successful housing experience and engage the services of housing professionals, such as architects, appraisers, attorneys, accountants, contractors and property managers with demonstrable multifamily housing experience. Developers must have the financial capacity to successfully complete and operate the proposed housing development.
Proposed housing
developments must:
 | Meet a demonstrated low-income housing need; |
| Provide housing for low income and very low income persons and families; |
| Demonstrate local support; |
| Leverage HOME funds with tax credits, other equity and/or rental assistance; |
| Provide rents below HUD’s “Fair Market Rents” or rents based upon a payment affordable to persons below 50% of the area median income; |
| Be economically feasible |
Fund Availability
Determined annually by HUD, depending on Congressional appropriation.
Application Process
The Commission sets the schedule annually.
Typically, a Notice of Funding Availability (NOFA) is published during the
month of August. The deadline for proposal submission is typically in late
October, and recommendations are made to the commission in January or
February. The NOFA is sent to all parties on the Rental Production mailing
list. The Application Packet is available on the MHDC web site or by mail,
upon request.
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