| SB 0656 | Establishes a rural housing development program |
| Sponsor: | Childers | |||
| LR Number: | S3065.01I | Fiscal Note: | 3065-01 | |
| Committee: | Insurance and Housing | |||
| Last Action: | 01/28/98 - Hearing Conducted S Insurance & Housing Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1998 | |||
SB 656 - This act establishes a rural housing development program to be administered by the Missouri Housing development Commission (MHDC). The program will be subject to appropriation, authorize no-interest loans for the construction of single family homes. The maximum loan shall be $70,000.
APPLICATIONS - Non-profit organizations may apply and must give the required information. Loans are made according to need. The MHDC may require an expiration date, reports and inspections.
REVOLVING FUND - Loans are to be put in a revolving fund to build homes one at a time, as they are sold.
CONSTRUCTION - Homes shall be constructed on site only where water and sewage services are available. USDA standards shall apply to construction.
SALE - Homes shall be sold at cost plus a $2500 fee for any construction supervisor hired. Priority shall be given to low and moderate income families. An anti-speculation clause shall be added to deter buyers from reselling to make a profit.
SALES TAX - An exemption from sales taxes is added for
materials and supplies used in constructing the homes.
MICHAEL HOEFERKAMP