Missouri $35 million economic development initiative announced

[David Goldstein]

There are incredibly exciting economic initiatives happening right now in the Missouri housing market. Just before Thanksgiving, a 35 million dollar economic development initiative was passed that offers some holiday hope on the housing front for several low and middle income families that are struggling this holiday season. From relief from overwhelming property tax bills to the jobs that could be created with the initiative to improving the energy efficiency of housing in Missouri, things are looking up in the state of Missouri. As a side note, now would be a good time to get that Missouri real estate license as things in Missouri are well on the way to recovery and a normal market. Career opportunities are looking great.

The Missouri Housing Development Commission broadcast the approval of the package for the first time ever over the internet as a part of the effort to create more transparency in the state’s housing agency. The 35 million dollar package provides 15 million dollars to help pay property taxes for qualifying home buyers. Missouri home buyers making less than $100,000.00 per year that purchase a home after January 1, 2010 will be able to get assistance in paying for their property taxes. This will provide help for around 10,000 low to middle income families statewide.

Another 15 million dollars will be used to finance and construct multi-family housing around the state of Missouri. This is beneficial to Missourians in two ways. Not only will they receive more affordable housing, increasing the market inventory that falls in a price range that low to middle income families in Missouri can afford, there will be employment available as well. Construction projects will mean jobs to be had for the people that make up the staggering 9% unemployment rate in the state.

The remaining 5 million dollars will be used to fund assistance programs for potential home buyers. Qualified home buyers will be able to get help with what is generally the biggest obstacle in home ownership, money for down payments and closing costs. The Missouri Housing Development Commission has been among the nations leaders in providing this type of assistance to home buyers, and this will allow them to continue to do so.

There will also be additional assistance provided to those home buyers who seek to purchase energy efficient homes and appliances. Again this helps the state in two ways by raising the standard for energy efficiency in Missouri as well as impacting the economy and the environment in a positive way.

Missouri continues to seek out and implement new and original ways to stimulate their state’s economic situation without reaching into the pockets of their taxpayers. No tax dollars were used to fund the economic development package, but instead was paid for out of the Missouri Housing Development Commission’s reserve and federal recovery funds.

Given the recent economic troubles across the country, it is encouraging to see states, like Missouri, that are finding ways to improve the quality of life for their residents. Help with paying property taxes, even more home buyer assistance programs over and above the incredible tax incentives offered to home buyers by the federal government, and creating new jobs, all without having to put any additional stress on tax payers who are already struggling make Missouri a model that we should be looking to in this slowly rebounding economy.

The Missouri Housing Development Commission continues to be at the forefront in providing opportunities for would-be home owners that would otherwise be unable to afford one.