Missouri+2017

Stop the Vote to End MO State Low Income Housing Tax Credits

Rise released a statement last week concerning the vote to eliminate Missouri State Low Income Housing Tax Credits. Our friend and executive director of Missouri Workforce Housing Association, Jeff Smith, has issued a letter to help people take action now that funding plan has gone out for public comment. Please take a moment to read the letter and take the appropriate action. Missouri+2017The people that need affordable housing the most need your help!

November 17, 2017

Dear All:

This morning the Missouri Housing Development Commission voted to completely eliminate State Low Income Housing Tax Credits from its annual funding plan for 2018. In engineering this, Governor Greitens and unelected MHDC Commissioners overturned the will of the Legislature, where the LIHTC program has strong bipartisan support.

Unfortunately, it is the thousands of people on affordable housing waiting lists across Missouri who will pay the price. By overruling the Legislature’s action and withholding these resources, the Governor will force seniors, homeless veterans and people with special needs to spend an extra winter out in the cold, in shelters, or doubled-up in unsafe housing with whoever might take them in.

During his first year in office, Gov. Greitens neither attended nor phoned into any MHDC meetings. Today, however, Gov. Greitens personally phoned in to cast the deciding vote for a funding plan that – if enacted next month – will eviscerate the program that has provided housing for thousands of seniors, homeless veterans and people with special needs. If this plan goes through, the number of affordable units built and preserved will collapse, and rents will skyrocket.

The funding plan now goes out for public comment. We urge all concerned citizens to speak out, and we hope MHDC will heed the calls of those most affected, and do the right thing when the plan returns to them for approval next month.

You can do your part NOW through the magic of social media. First, please follow MO4Safe Housing on Twitter here, and ask ALL of your colleagues to join Twitter so that they can retweet and like MO4SafeHousing’s posts. You may follow my account here.

Second, read the governor’s statement here. He dubs the LIHTC program, which is one of the nation’s most successful public-private partnerships, a “failing program.” He fails to understand the time value of money, which accounts for the pricing of credits since investors are not fully repaid until approximately 15 years after they put equity towards a construction project. Please feel free to help educate him.

Best.

Jeff Smith

Executive Director

Missouri Workforce Housing Association

www.moworkforcehousing.com

(314) 323-0915 (c)