The Missouri Housing Development Commission (MHDC) offers a number of programs to strengthen communities and provide affordable housing.
The MHDC website describes their purpose as:
MHDC has invested almost $4 billion to construct, renovate and preserve affordable housing. MHDC functions as a bank, providing financing directly to developers of affordable rental properties. The commission also provides funding for home loans to qualified, first-time buyers through a network of certified, private mortgage lenders. Mortgage financing is provided through the sale of tax-exempt notes and bonds that the commission is authorized to issue.
The commission provides advisory, consultative, training and educational services to non-profit housing organizations.
The commission administers the federal and Missouri Low Income Housing Tax Credit (LIHTC) programs, federal HOME funds, the U.S. Department of Housing and Urban Development (HUD) Project Based Section 8 rental assistance contracts, the direct MHDC funding of several housing assistance programs and the Affordable Housing Assistance Program Tax Credit. Further, the commission administers the Missouri Housing Trust Fund to help prevent homelessness and to provide emergency housing assistance for very low-income Missourians.
Income Guidelines:
Many of the MHDC programs adhere to income limits set for the 1st Place Loans. The newly announced property tax and energy efficiency/green housing credit for home buyers who purchase after January 1, 2010 follow these guidelines.
Non-Targeted Areas:
1-2 Person households – $67,900
3+ Person households – $78,085
Targeted Areas:
1-2 Person households – $81,480
3+ Person households – $95,060
The St. Louis region includes the counties of: St. Louis County, St. Louis City, St. Charles, Franklin, Jefferson, Lincoln and Warren.
What are Targeted Areas?
The targeted areas are federally defined areas based on the latest U.S. census.
According to the MHDC site, a targeted area is:
an area in which 70% or more of the families have an income which is 80% or less of the Statewide median income or an area of chronic economic distress is such an area has been designated by the Commission and approved by the Secretaries of the Treasury and Housing & Urban Development; provided that, in either case only those areas meeting the foregoing criteria and designated by the Commission as Targeted Areas shall be deemed to constitute Targeted Areas.
There are a couple of ways in which you can determine if an address is in a targeted area. You can click on each of the links on the MHDC website and look at all 29 maps in the St. Louis MSA area. Or, you can use the geocoding system to type in an address to identify the census track, and then go back and look at the MHDC site to see if that tract is on the list.
I decided to make it a little easier for you.
St. Louis City and County Targeted Area Maps:
Click on each of the maps to get a full size version. The targeted areas below offer higher income limits and purchase price limits (depending on the program).
St. Louis County:
St. Louis City:
North:
Downtown/Central:
South:
If you are planning on buying a property and taking advantage of the new property tax and energy efficiency tax credit, or any of the MHDC programs, contact Karen to talk to an approved MHDC lender to confirm your qualifications for the MHDC programs.
PDF Possibly Related Posts:
- Missouri Home Buyers ~ Get $1750 after Closing from the State of MO
- Missouri Property Tax Credit for Buyers
- MHDC Program Gives Down Payment Money to Foreclosure Buyers
- Missouri Residents can use the First Time Buyer Tax Credit at Closing to Cover Costs
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