MHDC Tightens Dollars Available for LIHTC Sites
“There simply is not as much money available for developments as there has been—or as there has appeared to be—in past years,” said executive director Margaret D. Lineberry to the Missouri Housing Development Commission (MHDC) board of commissioners. Because of all this belt tightening, while stretching value, Lineberry said that the developments MHDC will be recommending to the board this year will have an average cost that is “just under $130,000 per unit.”
MHDC weighed many factors before reaching this conclusion, she said in a memo, including the geographic dispersion of tax credits around her state and the amount of funds requested by proposed developers. She added that MHDC was implementing a new process this year—convening meetings with developers who were not recommended for low-income housing tax credit (LIHTC) awards.
Lineberry added that she is proposing some new programs for the next qualified allocation plan to involve qualified minority- and women-owned businesses and Section 3 contractors in tax credit properties.