Missouri Tax Credit News
Feb 19, 2010 MHDC meeting - February 19, 2010
Today I attended the MHDC meeting in Jefferson City. As is customary, the house was packed with developers, syndicators, bankers, etc. All were waiting for the ratification of the 2010 Rental Production Recommendations for Funding. There were no surprises and the list for the allocation of MIssouri LIHTCs was approved as recommended. Please go to www.mhdc.com and click 2010 NOFA on the front page of the site if you wish to see a list of the projects approved for federal and Missouri Low income housing tax credits (LIHTCs).
There were several other interesting items. The room was cleared for the commission to discuss personnel matters. Upon our return, it was announced that Pete Ramsell had agreed to stay on for 6 months in a transition role. Pete was also lauded for his outstanding contributions to affordable housing in Missouri during his tenure.
The Tax Credit Committee reported the results of its February 9th meeting. They recommended that there should be no action on the consultants report to certificate the low income housing tax credit at this time. The exercise was undertaken as a result of a critical report by the State Auditor's office. The committee also felt that there were several nuances that required further study and they felt that they could not get the approvals they needed from the Missouri legislature to implement the consultant's suggestions.
It was also interesting to hear the Legilative report. The bill to place a one year moratorium on Missouri low income housing tax credits did not pass. The same was true for the bill to place Missouri tax credits under the appropriations project. This fight is far from over, but those of us that support Missouri tax credits need to be vigilant while the legislature is in session.
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