SB 0306 Dept. of Econ. Dev. to administer NAP tax credits
Committee:WAMELR Number:S0915.02I
Last Action:02/28/95 - Hearing Conducted S Ways & Means Committee
Effective Date:August 28, 1995
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Current Bill Summary

SB 306 - This act would transfer the administration of the affordable housing assistance tax credits from the Missouri Housing Development Commission to the Department of Economic Development. The act would allow the tax credits to be awarded to business firms which make contributions to neighborhood organizations which aid in affordable housing assistance activities.

If a project is determined to be in non-compliance, the Director of the Department of Economic Development may seek injunctive enforcement action against the owner, seek legal damages against the owner or foreclose on the lien in the land use restriction agreement and sell the project at public sale. If the project is sold at public sale the owner would receive the proceeds less the costs of the sale and less the value of all tax credits allowed.