Missouri Senate Gives Initial Approval to Restore State LIHTC

More than a year after the Missouri Housing Development Commission voted to freeze the state’s LIHTC program, the Missouri State Senate recently signaled initial approval to bring it back with a few changes. Senate Bill 28 would set the state’s cap on spending to a 72.5 percent match of the funding from the federal LIHTC program. Prior to the program’s freeze, the state tax credits were issued at a matching rate with the federal funds.