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  Rental Production > Federal HOME Program 

 

The federally funded HOME program provides a financing source for several eligible activities that increase the supply of affordable housing for low and very low income persons. One of these activities is the acquisition and rehabilitation or new construction of rental housing. As HOME Administrator for the State of Missouri, MHDC uses a portion of its annual HOME allocation to finance rental production at a very low interest rate, which results in rents that are affordable to low income families.


Eligibility Requirements
 

Developers (for-profit and non-profit) are eligible to apply for financing. Applicants must demonstrate prior, successful housing experience and engage the services of housing professionals; such as, architects, appraisers, attorneys, accountants, contractors and property managers with demonstrable multifamily housing experience. Developers must have the financial capacity to successfully complete and operate the proposed housing development.

Proposed housing developments must comply with the following parameters:
 

bullet Meet a demonstrated low-income housing need 
bullet Provide housing for low income and very low income persons and families 
bullet Demonstrate local support 
bullet Leverage HOME funds with tax credits, other equity and/or rental assistance
bullet Provide rents below HUD’s “Fair Market Rents” or rents based upon a payment affordable to persons below 50% of the area median income 
bullet Be economically feasible


Fund Availability
 

Determined annually by HUD, depending on Congressional appropriation.

 

Application Process


 

Application Process


The Commission sets the schedule annually.  A Notice of Funding Availability (NOFA) is published.  

 

For additional information contact Frank Quagraine, 816.759.7210.

 

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