MEDIA RELEASE
Contact: Brandon Laster, Public Information Officer
(816) 759-6692

Release No. 98-07-09a
July 7, 1998

MHDC APPROVES FINANCING FOR DEVELOPMENT IN SIKESTON

[Kansas City, Missouri] -- The Missouri Housing Development Commission (MHDC) made a conditional commitment with Holigan Homes of Missouri Limited, to finance 50 single family lots west of Sikeston. The commitment means MHDC will loan Holigan Homes $595,000 at 7 percent interest.

Holigan Homes plans to apply for state Community Development Block Grant (CDBG) funds from the Missouri Department of Economic Development for an adjacent 50 lots.

"This just serves as another example of how developers, local governments and the state can work together to provide affordable housing in Missouri," said Richard Grose, MHDC Executive Director. The MHDC-financed homes will range in price from approximately $70,000 to $120,000. MHDC required that 50 percent of the homes built will be limited to a $70,000-90,000 purchase price.

The development's financing is contingent upon Economic Development's approval of the CDBG funds. The partnership was developed as part of MHDC's ongoing rural initiatives.

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More information about MHDC and its programs can be found at their website, www.mhdc.com or by calling Brandon Laster, (816) 759-6692.