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 loan funds and $15,117,500 in federal HOME loans, including $2,468,000 in federal HOME Community Housing Development Organization funds. MHDC will also allocate approximately $9.79 million of federal Housing Tax Credits and $9.79 million of state Housing Tax Credits.

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 are generally sold to generate equity. Annually, MHDC accepts applications to fund production and preservation of rental housing developments. Last year MHDC received 122 rental production proposals and approved funding for 41 of them.

Application packets are available in the Rental Production area of MHDC’s Web site.  Application packets are also available through the mail by contacting Shanese Rabon at (816) 759-6670. Application packets include program guidelines and applicable forms in paper copies or on diskette.

Applications for funding will be accepted by MHDC staff in their office at 3435 Broadway in Kansas City until 4:30 p.m., Central Daylight Time, October 29, 2001. Decisions regarding proposed developments will be made during the month of January 2002.

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Questions?  Contact David W. Bryan, Public Information Officer at 816.759.6692.