Affordable Housing Plans Abound in Missouri

Here’s good news for those hoping to take out a Missouri mortgage, but afraid of the costs:

The Missouri Housing Development Commission (MHDC) decided Friday during its meeting in Jefferson City to fund 39 development proposals for affordable housing.

Those chosen in the the St. Louis housing market include: five proposals for the city St. Louis, three in St. Louis County, and one each in St. Peters and in Franklin County.

The 39 proposals are expected to provide 1,335 affordable housing units. Eleven of the 39 developments are directed toward providing senior housing. The total also includes six rehabilitation projects, four building conversions, one rehab/conversion combination, and 28 new construction projects.

MHDC administers rental housing production and preservation programs including the federal and state low-income-housing tax credits. Financing for rental housing production programs also consist of MHDC fund balances and federal “HOME” funds.

At least 15 percent of HOME funds are set aside for Community Housing Development Organizations (CHDOs), and 10 percent of the tax credits are set aside for developments sponsored by not-for-profit organizations.