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 2005 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 $11 million in federal HOME loans, including $2.58 million
in federal HOME funds earmarked especially for nonprofit Community
Housing Development Organization. MHDC will also allocate approximately
$9.9 million of federal Rental 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-seven affordable housing developments were approved for funding by
the Missouri Housing Development Commission in January 2004. The
developments were selected from a list of 114 developments proposed by
private and nonprofit housing developers.
A Developer’s Application Packet is available on the MHDC Web site at
http://www.mhdc.com/ and includes the FY2005 Qualified Application Plan,
Checklist, Applications, Forms, Guidelines and Handbooks. Application
packets are also available on a computer diskette. Contact Karen Justice
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 5 p.m. Central Daylight Time, October 18,
2004. Decisions regarding funding of proposed developments are scheduled
to be made in December 2004 during the monthly Commission meeting.
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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. If you would
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