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
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Current Bill Summary

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.