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<br /> <br />DREAM Initiative <br /> <br />Page 1 of2 <br /> <br />DOWNTOWN REVITALIZATION AND <br />ECONOMIC <br />ASSISTANCE FOR MISSOURI liD . R. E . A. Mil <br /> <br />Home I Governor's Letter I About D . R . E . A . M I Target Communities I D' R . E . A . M Opportunities I <br />Application and Guidelines I Contact Us <br /> <br />HOME. Rental Production Program <br />V E The federally funded HOME program provides <br />financing for the acquisition and rehabilitation or new <br />construction of rental housing. As HOME <br />Administrator for the State of Missouri, MHDC uses a <br />portion of its annual HOME allocation to finance rental <br />production at a very low interest rate, which results in <br />rents that are affordable to low income families. <br />Developers (for-profit and not-for-profit) are eligible to <br />apply for financing. Developers must have the <br />financial capacity to successfully complete and operate <br />the proposed housing development. HOME funds are <br />usually combined with Low Income Housing Tax <br />Credits to fund affordable housing developments. <br /> <br />N <br /> <br />T <br /> <br />A T <br /> <br />http://www.dream.mo.gov/housingdev.htm <br /> <br />Housing Development <br /> <br />MHDC Rental Production &Preservation Program <br />The MHDC Rental Housing Production & Preservation <br />Program provides below market interest rate <br />construction and permanent financing to developers <br />(for-profit and not-for-profit) for the acquisition and <br />rehabilitation or new construction of rental housing for <br />low and moderate income families. Applicants must <br />demonstrate prior successful housing experience and <br />engage the services of housing professionals such as <br />architects, appraisers, attorneys, accountants, <br />contractors and property managers with demonstrable <br />multifamily housing experience. The MHDC funds are <br />typically combined with Low Income Housing Tax <br />Credits to fund affordable housing developments. <br /> <br />Low Income Housing Tax Credit Program <br />This program provides a federal tax credit to investors <br />in affordable housing. The credit can be used each year <br />for 10 years and is allocated to developers, who may <br />sell it to raise equity to construct or acquire and <br />rehabilitate affordable rental housing. Annually, the <br /> <br />7/5/2006 <br />