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