Monday, May 22, 2006
Contact: Spence Jackson, 573-751-0290
Blunt Awards $50 Million in Tax Exempt Bond Authority to Assist with the American Dream
JEFFERSON CITY–Gov. Matt Blunt today announced that the Missouri Housing Development Commission (MHDC) will receive $50 million in an early private activity bond allocation to assist first-time home purchases. With the rising interest rates, home purchases are becoming more difficult to make, and these allocations will help more Missourians become homeowners during this time.
“Owning a home is an essential part of the American dream, and I feel that it is important to assist Missourians in becoming homeowners,” Blunt said. “This administration is committed to quality education, quality jobs and quality homes for all that call Missouri home. This early significant allocation of activity bonds will assist those first time buyers in achieving their dreams of home ownership.”
MHDC’s First Place Loan program gives first-time homebuyers the edge they need to purchase a home. Affordable, below market interest rates allow prospective buyers to obtain mortgage financing in a competitive market.
To qualify, applicants must be income-eligible, have qualifying credit and have not owned (or had principle interest in) a residence during the past three years. Any FHA, VA, USDA/Rural Development or Fannie Mae-qualified 30-year conventional mortgage may be used under the rules of the program.
The Missouri Housing Development Commission has invested almost $4 billion for rental housing developments, preservation of affordable rental housing, home mortgages, home improvement loans, grants to neighborhood housing groups and other housing programs. MHDC functions as a bank, providing financing directly to borrowers or through a network of private lending institutions.
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