|SB 0742||Tax Credits For Affordable Housing Assistance|
|LR Number:||S2636.01I||Fiscal Note:||2636-01|
|Committee:||Insurance and Housing|
|Last Action:||05/28/96 - S Inf Calendar S Bills for Perfection|
|Effective Date:||August 28, 1996|
SB 742 - This act would allow affordable housing tax credits to be issued on a multi-year basis. 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
Missouri Housing and Development Commission 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. The amount of the
tax credit for business firms shall not exceed 55% contributed to
the neighborhood organization although the excess may be carried
over for 10 years.