Missouri § 215.311 - Owners to file request for additional subsidies, form — plan to expand affordability required, content — agreements entered into by commission may include certain incentives.

§ 215.311. Owners to file request for additional subsidies, form — plan to expand affordability required, content — agreements entered into by commission may include certain incentives.

1.  An owner of a multifamily rental housing project seeking additional subsidies for the property shall file with the Missouri housing development commission a request for subsidies in such form and manner as the Missouri housing development commission shall prescribe.  Upon receipt of a notice of intent, the Missouri housing development commission shall provide the owner with such information as the owner needs to prepare a plan to expand affordability, which information shall include a description of the state incentives authorized under sections 215.300 to 215.318 and the affordability restrictions placed on properties whose owners are granted the additional subsidies.  The owner may submit the plan to expand affordability to the Missouri housing development commission in such form and manner as the Missouri housing development commission shall prescribe.

2.  The plan to expand affordability shall include:

(1)  A description of any incentive that the owner is requesting from the state or local government agencies as determined by prior consultation between the owner and any appropriate state or local agencies;

(2)  An assessment of the effect of the grant of the proposed incentives on present and future tenants dwelling at the property, including, but not limited to, affordability and maintenance of units of the property;

(3)  Any other information that the Missouri housing development commission determines is necessary to achieve the purposes of sections 215.300 to 215.318.

3.  The owner may from time to time revise and amend the plan of action as may be necessary to obtain approval of the plan under this section.

4.  After receiving a plan of action from an owner of a multifamily rental housing project, the Missouri housing development commission may enter into such agreements as are necessary to satisfy the criteria for approval under section 215.314.

5.  Such agreements may include the provision to the owner by the state or local government of one or more of the following incentives that the Missouri housing development commission determines to be necessary including:

(1)  State income tax credits, pursuant to section 32.115;

(2)  Recommendations to local governments to grant property tax abatements;

(3)  Financing for second mortgages from the housing development fund as established by section 215.050;

(4)  Grants from the housing development fund as established by section 215.050.

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(L. 1989 H.B. 378 § 21)

---- end of effective  28 Aug 1989 ----

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