JEFFERSON CITY, Mo. — The Missouri Senate unanimously approved a bill supporters hope will restore the state’s ability to issue tax credits for low-income housing.
In December 2017, the Missouri Housing Development Commission placed the program on hold over concerns about the credits’ cost and effectiveness. Gov. Mike Parson has asked the state legislature to reform the program before reinstituting the credits.
Senate Bill 28 places a cap on the amount of credits issued. Under the legislation, Missouri cannot authorize more than 72.5 percent of the amount of federal credits allocated to the state.
Lawmakers believe this bill is a good compromise that will help get the low-income housing program back on track.
“So working with all entities, we really came up with a true compromise on moving forward, and I appreciate all their efforts,” said Sen. Dan Hegeman, a Republican from Cosby and the sponsor of the bill. “It seemed like nobody was particularly excited about the final version. In many people’s minds there’s an old adage: If nobody likes it, then it must be a good compromise.”
“Nobody got everything they wanted in this bill, but I don’t see that as a fault,” said Sen. Gina Walsh, a Democrat from Bellefontaine Neighbors and the minority floor leader. “That’s how this process works in this building. I have confidence that the new administration will continue to make this program more efficient and more effective, so that the people most in need have a place to call home.”
Senate Bill 28 now heads to the House of Representatives for its consideration.