Media Release – August 26, 2003

Agency makes funding available for rental housing construction and rehabilitation

The Missouri Housing Development Commission (MHDC) has announced the availability of millions of dollars in 2004 funding 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 more than $14 million in federal HOME loans, including $2.65 in federal HOME funds earmarked especially for nonprofit housing organizations.  MHDC will also allocate approximately $9.9 million of federal Housing Tax Credits and $9.9 million of state Rental Housing Tax Credits.

Funding is available to interested sponsors who will rehabilitate or construct new rental housing units for low- and moderate-income families in the State of Missouri.

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.

Forty-nine affordable housing developments were approved for funding by the Missouri Housing Development Commission in January 2003.  The developments were selected from a list of 119 developments proposed by private and nonprofit housing developers. 

A Developer Application Packet is available on the MHDC Web site at http://www.mhdc.com/ and includes the FY2004 Qualified Application Plan, Checklist, Applications, Forms, Guidelines and Handbooks.  Application packets are also available on a computer diskette.  Contact Patti Duett at (816) 759-6842 to request a diskette or printed copy of the Application Packet through the mail. 

Applications will be accepted by MHDC staff in their office at 3435 Broadway in Kansas City until 4 p.m. Central Daylight Time on October 27, 2003.  Decisions regarding funding of proposed developments are scheduled to be made in January 2004.

###

NOTE TO EDITORS: Media representative questions can be directed to Brandon Laster, Public Information Officer, at 816.759.6692 or e-mail blaster@mhdc.com.