Missouri

The IRS has issued an administrative notice (Notice 2011-47) that suspends certain requirements under section 42 of the Internal Revenue Code for certain low-income housing credit properties in the United States as a result of the devastation caused by severe storms, tornadoes, and flooding in Missouri beginning on April 19, 2011.

Missouri State Senator Will Kraus (D-Jackson) recently introduced two senate bills relating to the state’s historic and low-income housing tax credit programs.

NH&RA Historic Preservation Development Council Member MacRostie Historic Advisors has posted an excellent state historic tax credit update on its website.

Missouri State Senator Jason Crowell (R-Cape Girardeau) recently introduced a series of bills related to the state’s tax credit policies & regulation.

Margaret Lineberry, Executive Director of Missouri Housing Development Commission (MHDC), shared her ideas for agency and program restructuring at the MHDC Board meeting last Friday.

The Missouri Tax Credit Review Commission sent its final report on Missouri’s tax credit programs to Governor Jay Nixon, recommending that the state historic tax credit program’s annual cap be reduced from $140 million to $75 million per year beginning in 2011.

The Missouri Housing Development Commission’s Board of Commissioners has approved Margaret Lineberry to serve as executive director of the agency.

Missouri Housing Development Commission (MHDC) Executive Director Pete Ramsel recently announced his resignation from MHDC, effective March 1.

The Missouri Housing Development Commission has hired a team of NH&RA members to determine how to boost the value of Missouri’s state low-income housing tax credit to 65 cents, from its current value of 40 cents.

The Missouri Housing Development Commission has released its 2009 Gap Funding Round Submission Documents and Guidelines for awardees.

Senator Evan Bayh (D-Ind.) has proposed legislation that would make $230 million in funding immediately available to begin work on shovel-ready affordable housing developments in flood-ravaged areas of Indiana. The legislation would clarifiy that disaster housing credits in Indiana, Alabama, Arkansas, Illinois, Iowa, Kansas, Louisiana, Michigan, Missouri, Minnesota, Nebraska, Texas and Wisconsin would be eligible for the Tax Credit Exchange Program.

The U.S. Department of the Treasury recently announced its second round of funding through the low-income housing tax credit exchange program, provided by the American Recovery and Reinvestment Act (ARRA) of 2009.