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MHDC offers funding to develop rental housing

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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 the state.

Interested developers, community agencies and other sponsors will be able to apply for funding that includes $7 million in MHDC funds, $7.3 million in federal HOME loans or grants and $2 million in federal HOME Community Housing Development Organization funds, according to an Aug. 24 news release from the MHDC.

The commission will also allocate approximately $6.75 million of federal and $6.75 million of state low-income housing credits.

The MHDC administers rental housing production programs, including the federal and state low-income housing tax credits. Tax credits are a reduction in tax liability allocated to a qualified development, which are generally sold to create equity, the release said.

Annually, the commission accepts applications to fund rehabilitation and construction of rental housing developments. Last year, MHDC received 135 rental production proposals and approved 39 of them, the release stated.

Application packets are available by calling Trudi Taylor at 816-759-6670. The application packet will include the revised Qualified Allocation Plan, the revised application and the revised program guidelines.

Applications for funding will be accepted by MHDC until 5 p.m. Nov. 16, 1998. Decisions regarding proposed developments will be made during March 1999.

All proposals must be submitted on the August 1998 application form and will be accepted at the MHDC offices, 3345 Broadway, Kansas City 64111 and 4625 Lindell, Ste. 500, St. Louis 63108.

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