215.311. Owners to file request for additional subsidies, form--plan to expand affordability required, content--agreements entered into by commission may include certain incentives.

MISSOURI STATUTES AND CODES

215.311. Owners to file request for additional subsidies, form--plan to expand affordability required, content--agreements entered into by commission may include certain incentives.

Owners to file request for additional subsidies, form--plan to expandaffordability required, content--agreements entered into by commissionmay include certain incentives.

215.311. 1. An owner of a multifamily rental housingproject seeking additional subsidies for the property shall filewith the Missouri housing development commission a request forsubsidies in such form and manner as the Missouri housingdevelopment commission shall prescribe. Upon receipt of a noticeof intent, the Missouri housing development commission shallprovide the owner with such information as the owner needs toprepare a plan to expand affordability, which information shallinclude a description of the state incentives authorized undersections 215.300 to 215.318 and the affordability restrictionsplaced on properties whose owners are granted the additionalsubsidies. The owner may submit the plan to expand affordabilityto the Missouri housing development commission in such form andmanner as the Missouri housing development commission shallprescribe.

2. The plan to expand affordability shall include:

(1) A description of any incentive that the owner isrequesting from the state or local government agencies asdetermined by prior consultation between the owner and anyappropriate state or local agencies;

(2) An assessment of the effect of the grant of the proposedincentives on present and future tenants dwelling at theproperty, including, but not limited to, affordability andmaintenance of units of the property;

(3) Any other information that the Missouri housingdevelopment commission determines is necessary to achieve thepurposes of sections 215.300 to 215.318.

3. The owner may from time to time revise and amend the planof action as may be necessary to obtain approval of the planunder this section.

4. After receiving a plan of action from an owner of amultifamily rental housing project, the Missouri housingdevelopment commission may enter into such agreements as arenecessary to satisfy the criteria for approval under section215.314.

5. Such agreements may include the provision to the owner bythe state or local government of one or more of the followingincentives that the Missouri housing development commissiondetermines to be necessary including:

(1) State income tax credits, pursuant to section 32.115,RSMo;

(2) Recommendations to local governments to grant propertytax abatements;

(3) Financing for second mortgages from the housingdevelopment fund as established by section 215.050;

(4) Grants from the housing development fund as establishedby section 215.050.