L.R. NO. 2623-02
BILL NO. SB 662
SUBJECT: Appropriations to Missouri Housing Development Corporation
TYPE: Original
Net Effect on All State Funds * * SUBJECT TO APPROPRIATION Net Effect on All Federal Funds
FUND AFFECTED
FY 2001
FY 2002
FY 2003 General Revenue *
($0 to $600,000)
($0 to $600,000)
($0 to $600,000)
Total Estimated
$0 to ($600,000)
$0 to ($600,000)
$0 to ($600,000)
FUND AFFECTED
FY 2001
FY 2002
FY 2003 None
$0
$0
$0
Total Estimated
$0
$0
$0
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Local Government | $0 TO $600,000 | $0 TO $600,000 | $0 TO $600,000 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
ASSUMPTION
The Department of Economic Development - Missouri Housing Development Commission (MHDC) assumes this proposal would allow them to make grants to Community Housing Development Organizations (CHDO) for their basic operating expenses.
The MHDC expects to be able to administer this program with existing staff and resources. In a response to similar legislation in a prior year, the MHDC indicated they would request a $600,000 annual appropriation to provide for the grant and assistance programs specified in the proposal.
The Office of Administration assumes no fiscal impact resulting from this proposal.
FISCAL IMPACT - State Government FY 2001 FY 2002 FY 2003
(10 Mo.)
GENERAL REVENUE FUND
Cost - Grants & program assistance ($0 ($0 ($0
to to to
$600,000) $600,000) $600,000)
FISCAL IMPACT - Local Government FY 2001 FY 2002 FY 2003
(10 Mo.)
Income
Local community housing development $0 $0 $0
organizations could receive state grants to to to
for obtaining and administering federal $600,000 $600,000 $600,000
grant funds.
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This bill allows state appropriations to the Missouri Housing Development Commission for grants to provide basic operating expenses for qualifying neighborhood housing agencies. To qualify, the agency must be tax-exempt, have an independent board of directors predominated by representatives of the local community, and have as their primary activity the construction and rehabilitation of affordable housing for households with 80% or less of the local median income.
The bill also allows state appropriations to the commission to assist local community housing development organizations in obtaining and administering federal Home Investment Partnership grants.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Department of Economic Development
Missouri Housing Development Commission
Office of Administration
Jeanne Jarrett, CPA
Director
January 12, 2000