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MHDC re-approves $9 million in funding for 2017

  

COLUMBIA, Mo. – The top priority in the final regular meeting of the Missouri Housing Development Commission for the 2016 year was approving – or denying – funds to several programs in the upcoming year.

Dozens of people sat in attendance at the meeting, held at the Stoney Creek Hotel & Conference Center on Friday morning, waiting to see the commission’s decisions about funding projects for the 2017 year.

The MHDC’s general financial reports show its total asset sitting at $1.92 billion, up from the previous fiscal year’s number of $1.86 billion. The majority of those assets are comprised of guaranteed mortgage-backed securities, or 44 percent of the total.

With no subprime loans, no variable rate debt and no interest rate swaps, MHDC’s report show that, thanks to a conservative asset base and careful management, the commission is well-positioned in the current economic environment.

One of the first items approved by the commission was Bond Resolution No. 1055. The resolution authorizes the issuance of single family mortgage  revenue bonds, which financed roughly 1,900 first time home buyer loans in 2016. The resolution puts a $125 million cap on the total amount to be issued.

They re-approved roughly $9 million in funding for various affordable housing and shelter projects for low and middle-income residents and homeless populations.

The MHDC unanimously approved the requested allocations in funding for the HOME Repair Opportunity Program (HERO), the Housing First Program, the Homeless Management Information System, and the Emergency Solutions Grant. Only the Missouri Housing Trust Fund did not receive unanimous approval, passing with a 6-1 vote, with a “no” vote from Lt. Gov. Peter Kinder.

The ESG will receive over $3.3 million to help the homeless population as well as those at risk of becoming homeless, such as rapid re-housing programs, emergency shelters, street outreach and homelessness prevention. Those funds will be supplemented with other funds from the Department of Social Services, as the two collaborate together.

Other approvals included $3.1 million for the Missouri Housing Trust Fund, $2.2 million for the HERO Program, $420,000 for the Housing First Program, and $50,000 for the Homeless Management Information System.

The commission also supported a motion to extend the arrangements with two firms, CSG Advisors and Columbia Capital Management, for an additional year, while approving the release of the Request for Qualifications and Proposals (RFP) in order to allow the master servicer selection process to begin.