SB 0109 Establishes a rural housing development program
LR Number:S0073.04I Fiscal Note:0073-04
Committee:Insurance and Housing
Last Action:01/14/99 - Referred S Insurance & Housing Committee Journal page:S98
Effective Date:August 28, 1999
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Current Bill Summary

SB 109 - This act establishes a rural housing development program to be administered by the Missouri Housing Development Commission (MHDC). The program authorizes no-interest loans for the construction of single family homes. The maximum loan shall be $70,000.

APPLICATIONS - Any non-profit organization may apply to the MHDC for funding. The Commission will make the loans according to need. The Commission may require an expiration date of the loan, progress reports and inspections of the construction sites.

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 only where water and sewer services are available. All homes are to be constructed according to rural development building standards of the USDA.

SALE - Homes are to be sold at cost plus a $2,500 fee for any construction supervisor hired. Priority shall be given to low and moderate income families. Every sales contract shall contain an anti-speculation clause to deter buyers from reselling the home solely to make a profit.