Missouri Housing Development Commission (MHDC) Reinstates State Low-Income Housing Tax Credit

At their scheduled meeting this week, the Missouri Housing Development Commission finalized their earlier decision to reinstate Missouri’s state low-income housing tax credit. The move makes state tax credits available to developers at a percentage of the companion federal housing credit as an incentive for them to construct low-income housing for Missouri’s most needy. The state tax credit program has been criticized in recent years due to concerns about misuse of the credits, leading to its discontinuation. The re-instated program is expected to include reforms to prevent such abuses going forward. Missouri has a great need for affordable housing, especially among the disabled and extremely low-income population. The MCC had reported in early September that the program was reinstated, but that decision was a preliminary approval. The Commission has now given the final go-ahead for reinstating the program.