The state’s low income housing tax credit program has been roasted by the state auditor as far too expensive and far less valuable to the state than supporters say it is. Auditor tom Schweich says only 42-cents of each tax credit dollar actually is used to build housing. the rest is used for taxes and fees. He estimates each job created in the program costs 2.3-million dollars and each unit of housing costs 61-thousand dollars.
He and his staff have suggested a handful of new approaches that can be taken by the Missouri Housing Development Commission.