Funds available for housing construction, rehabilitation

The Missouri Housing Development Commission has announced the availability of funds for rehabilitation or construction of rental housing units for low- and moderate-income families in Mis-souri.

According to a news release from the MHDC, interested developers, community agencies and other sponsors will be able to apply for the funding.

The monies include $7 million in MHDC loan funds and $15,117,500 in federal Home Investment Partnership Program (HOME) loans, including $2,468,000 in federal HOME Com-munity Housing Development Organiza-tion funds.

MHDC will also allocate approximately $9.79 million of federal housing tax credits and $9.79 million of state hous-ing 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. MHDC accepts applications annually to fund the production and preservation of rental housing developments.

Last year MHDC received 122 rental production proposals and approved funding for 41. Application packets are available on MHDC's Web site at www.mhdc.com. 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., Oct. 29, 2001.

Decisions regarding proposed developments will be made during the month of January 2002.