215.036. Housing trust fund to be used for loans or grants for assistance to low-income persons or families--eligible persons. - Missouri Statutes

Housing trust fund to be used for loans or grants for assistance tolow-income persons or families--eligible persons.

215.036. 1. Housing trust fund moneys shall be used to financiallyassist, in whole or in part by loans or grants, the development of housingstock and to provide housing assistance to persons and families with incomesat or below the levels described in subsections 2 and 3 of this section. Atleast fifty percent of the loan or grant funds awarded over each two-yearperiod, coincident with the biennium described in section 33.080, RSMo, shallbe awarded for such activities and projects for residential occupancy bypersons and families with incomes at or below the levels described insubsection 3 of this section.

2. Persons or families are eligible under this subsection if thehousehold combined adjusted gross income is equal to or less than thefollowing percentages of the median family income for the geographical area:

Percent of State or Geographic Size of Household Area Family Median Income One person 35% Two persons 40% Three persons 45% Four persons 50% Five persons 54% Six persons 58% Seven persons 62% Eight persons 66% As used in this section, the term "geographical area" shall be based upon themetropolitan area or county designated as an area by the federal Department ofHousing and Urban Development under section 8 of the United States Housing Actof 1937, as amended, for purposes of determining fair market rental rates inwhich the residential unit is located, or the median family income for thestate of Missouri, whichever is larger.

3. Persons or families are eligible under this subsection if thehousehold combined adjusted gross income is equal to or less than thefollowing percentages of the median family income for the geographic area inwhich the residential unit is located, or the median family income for thestate of Missouri, whichever is larger:

Percent of State or Geographic Size of Household Area Family Median Income One person 18% Two persons 20% Three persons 23% Four persons 25% Five persons 27% Six persons 29% Seven persons 31% Eight persons 33%

4. During each two-year period described in subsection 1 of thissection, at least thirty percent of the funds dispersed under this act* shallbe allocated to housing provider organizations which qualify as a"not-for-profit" organization as defined in chapter 355, RSMo, or section42(h)(5)(C) of the Internal Revenue Code of 1986.

(L. 1994 H.B. 1745 § 215.036 subsecs. 1 to 4)

*"This act" (H.B. 1745, 1994) contained numerous sections. Consult Disposition of Sections table for a definitive listing.