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Release No. 98-03-01 STATEWIDE HOUSING DEVELOPMENTS APPROVED FOR FINANCING [Jefferson City] The Missouri Housing Development Commission (MHDC) approved 41 affordable housing development proposals for funding and tax credits during their monthly meeting March 20 in Jefferson City. "These developments give us an opportunity to become partners in projects that will aid in relieving the shortage of affordable housing in Missouri," said Richard Grose, MHDC executive director. "The proposals we received this year reaffirm our commitment to the success of partnerships between public and private sector housing organizations." The housing developments approved include new and rehabilitated apartments, duplexes and homes that will have affordable rents for low and moderate-income families. The MHDC administers rental housing production programs including the federal and state low income housing tax credits. Rental production programs also consist of MHDC fund balances and federal "HOME" funds. Tax credits are a reduction in tax liability allocated to a qualified development, which are generally sold to create equity. Affordable rental rates are made possible with low interest rental housing production loans and housing tax credits. Approximately 1,372 units of housing will be created or rehabilitated in part by more than $5.3 million in MHDC fund balances and almost $8.2 million in federal HOME loan funds. In addition, approximately $13.4 million federal and state tax credits were approved in the financing packages. In August 1997, MHDC solicited proposals for rental production. By the deadline of Dec. 1, 1997, 135 rental production proposals. MHDC staff recommended 39 of the proposals for approval. MHDC staff recommended proposals to the commission that included: a fair geographical distribution across the state, areas of highest need and availability of quality affordable housing, the sponsor's ability to leverage funds with other conventional or government sources of financing, the experience of the developer and associated professionals, the reasonableness of the development costs and rents, and readiness of the developer to proceed. Since the December submission deadline, MHDC staff has made personal visits to all the sites and held public hearings on the proposals. MHDC staff also requested comments from local and state elected officials and federal and state agencies regarding the proposed developments. The MHDC is Missouri's housing finance agency. MHDC administers several different programs aimed at providing safe, quality affordable housing to low and moderate income citizens of Missouri. More information on MHDC is available at their website (http://www.mhdc.com/) or by writing MHDC at 3435 Broadway, Kansas City, Missouri 64111. -30- |