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2010 Missouri Housing Development Commission Tax Credit

• On January 1, 2010 a new law was put into place allowing MHDC $15,000,000 to help home owners be reimbursed for their First Year’s Real Estate Taxes up to $1250.

• An Additional $500 is available if the home being purchased is considered an Energy Efficient Home or the buyer makes Energy Efficient upgrades.

How is the tax credit considered?

• A person buying a home can claim the credit based on the real estate taxes the home paid out the previous year.

– Example 1:  Borrower buys a home with a tax bill for 2009 of $1000. Borrower can apply for a credit of $1000 from MHDC.

– Example 2:  Borrower buys a home with a tax bill for 2009 of $1300. Borrower can apply for a credit of $1250.

– Example 3:  Borrower buys a new construction home with energy efficient windows, doors, siding, etc. and can now receive an additional $500 if the builder will sign an affidavit confirming the energy efficiency.

– Example 4:  Borrower buys a home and tax bill for previous year was $1200 and borrower makes at least $500 in energy efficient upgrades shortly after purchasing the home. Borrower will now receive up to $1750 in a tax credit.

Restrictions for the MHDC Real Estate Tax Credit

• Borrower must submit package.

• Income Limits for all gainfully employed occupants of the home as of current can not be higher than $95,060.

• If borrower chooses to make energy efficient upgrades to the home, they must be complete prior to submission.

• It must be a primary residence.

• When the $15,000,000 runs out then its over. It’s a first come first serve process.

How do you apply for the MHDC Real Estate Tax Credit?

• Currently MHDC has stated that the borrower will have to submit a package to MHDC with all of the necessary documentation to qualify.

• If you close with our preferred lender, Pulaski Bank, they will put the package together for you so after you close you will have everything you need to submit.

 

 
Prudential Select Properties | Mary-Lou Kichline, OFallon/Wentzville Office | 3792 Monticello Plaza, O'Fallon, MO 63304 | 636-720-3000 | Contact Me by E-mail