The state has launched a new program that it hopes will give a jolt to the stalled housing market—and help people get their first house.
The Missouri Housing Development is offering what are, in effect, no-interest loans to qualified people who lack the ready cash for a down payment on their first house.
The program turns a 75-hundred dollar federal tax credit into a 67-hundred-50-dollar cash advance payment to be used for a down payment., Homebuyers would have to have a family income of less than 85-thousand-500 dollars and otherwise qualify for home loans.
The taxpayers would file for the tax credit when they file their income taxes, and use the tax refund to pay off the commission’s loan.
The program comes from a recommendation of a special task force on housing set up by former House Speaker Rod Jetton. The commission recommended last month that the state implement the federal tax credit program. Missouri is the first state to turn the tax credit program into a cash program.
But people wanting to take part have to act quickly. The program ends on June 30th.
You can find a link to the commission and the program by clicking on this story at Missourinet.com and then going to www.mhdc.com.