Low-Income Housing Tax Credits & Tax Exempt Bonds in Missouri, 2017

The 2017 Missouri Qualified Allocation Plan (QAP) lists bond allocation requirements and procedures for projects receiving 4% credits. 

Private Activity Bonds with 4% Credits

While the NOFA does not establish a ceiling or annual authority for the Federal 4% Credit, the amount of State 4% Credits available for Bond Developments is currently capped at $6 million per fiscal year.

Bond Developments are required by the Code to apply through MHDC (as the Housing Credit Agency) for an allocation of 4% Credits and for a determination the development satisfies the requirements of this plan. Although the application does not have to compete for 4% credits from the State Housing Credit Ceiling, applicants must submit an application during the posted NOFA period and meet all requirements of the reservation process and the QAP. Projects are subject to MHDC’s compliance monitoring requirements.

Bond developments located in rural areas (non-MSA) must have total construction costs of at least 15% of the total replacement costs. Bond developments located in urban areas (MSA) must have total construction costs of at least 20% of the total replacement costs.

Developments receiving 4% Credits are required to follow the Final Allocation procedures described herein and to enter into a LIHTC LURA with regard to the development.

Contributed By: 
National Housing Trust

Other Items of Interest