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USDA Rural Development Buyers & Sellers Conference: Securing Resources

USDA Rural Development Buyers & Sellers Conference: Securing Resources. Jacob Bean Missouri Housing Development Commission April 17, 2008. MHDC Resources. AHAP Tax Credit Federal and State LIHTC HOME Loans and Grants. AHAP Tax Credit.

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USDA Rural Development Buyers & Sellers Conference: Securing Resources

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  1. USDA Rural Development Buyers & Sellers Conference:Securing Resources Jacob Bean Missouri Housing Development Commission April 17, 2008

  2. MHDC Resources • AHAP Tax Credit • Federal and State LIHTC • HOME Loans and Grants

  3. AHAP Tax Credit • Contribution credit for eligible donations made to eligible non-profit agencies. • One-time credit that may be applied dollar for dollar against certain Missouri tax liabilities. • Credit is equal to 55% of the donation amount.

  4. AHAP Tax Credit • Donation can be cash, stock, professional services, real estate, etc. • Credit is fully transferable. • Credit can be carried forward for up to ten years. • Often used for acquisition in RD deals.

  5. AHAP Tax Credit: Acquisition • Credit based on the amount of the appraised value less the sales price. • Upon transfer, credit will be allocated and a LURA recorded. • Typically 50% of the units must be “AHAP Units” affordable to and occupied by households at 50% AMI for a period of 10 years.

  6. Federal and State LIHTC • QAP priority for preservation. • Have used both 4% and 9% credits for RD developments. • State credit allows for greater feasibility and more rehab.

  7. HOME Loans or Grants • Loans and grants are available through the MHDC NOFA. • There is flexibility with rates, terms and repayment requirements. • Environmental review requirements and Davis-Bacon can be a factor.

  8. MHDC Resources • AHAP, LIHTC and HOME can be used together or individually. • Talk to MHDC and RD early and often.

  9. Contact Information www.mhdc.com Jacob Bean Senior Underwriter 816.759.6882 jbean@mhdc.com Gus Metz AHAP Administrator/Underwriter 816.759.6878 gmetz@mhdc.com

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