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

Release No. 98-08-14
Aug. 24, 1998

FUNDS AVAILABLE FOR HOUSING CONSTRUCTION AND REHABILITATION

[Kansas City] -- The Missouri Housing Development Commission (MHDC) has announced the availability of funds 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 $7 million in MHDC funds, $7,303,000 in federal HOME loans or grants, and $2,030,000 in federal HOME Community Housing Development Organization funds. MHDC will also allocate approximately $6.75 million of federal and $6.75 million of state Low Income Housing Tax Credits.

MHDC administers rental housing production programs including the federal and state low income housing tax credits. Tax credits are a reduction in tax liability allocated to a qualified development, which are generally sold to create equity.

Annually, MHDC accepts applications to fund rehabilitation and construction of rental housing developments. Last year MHDC received 135 rental production proposals and approved funding for 39 of them.

Application packets are available by calling Trudi Taylor at (816) 759-6670. The application packet will include the revised Qualified Allocation Plan, the revised application and the revised program guidelines. Applications for funding will be accepted by MHDC until 5 p.m., Nov. 16, 1998. Decisions regarding proposed developments will be made during March 1999. All proposals must be submitted on the August 1998 application form and will be accepted at MHDC offices at 3435 Broadway, Kansas City, Missouri 64111 and 4625 Lindell, Suite 500, St. Louis, Missouri 63108.

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