Governor Barbour Announces $3 Million Awarded in Housing
GCN Filed 10/10/07 GCN
The Mississippi Home Corporation (MHC) has awarded approximately $3 million in Housing Tax Credits to assist developers in rehabilitating affordable housing developments, Governor Haley Barbour announced today. The Tax Credits will be used to refurbish eight developments, creating more than 400 affordable housing units available to families who earn 60% or less of the Area Median Income (AMI).
In addition, Governor Barbour has directed the MHC to create a set aside in their funding rounds that will result in 1,275 rental units being constructed for public housing authorities along the Gulf Coast.
“Housing remains a key component for communities, particularly after Hurricane Katrina. As we work to bring more jobs into Mississippi, we must also endeavor to provide affordable housing for the engines of industry—our workers,” Governor Barbour said. “Today’s awarding of tax credits will result in over 400 units being refurbished, which is great news for our working families. I appreciate the MHC’s continual efforts in ensuring Mississippians have access to safe and affordable housing.”
The MHC awards credits based on a scoring guide called the Qualified Allocation Plan (QAP), which is adjusted for each tax credit cycle to meet the current needs of the state. At a board meeting held today, MHC members approved $3 million in Housing Tax Credits, limiting the credits for older housing developments. The recipients, which were selected through an application process, are required to comply with MHC standards to ensure property owners and managers keep housing developments in good physical and financial condition.
“One of the most important aspects of the Housing Tax Credit program is compliance, which helps ensure these developments will remain valuable parts of their communities for years to come,” said Dianne Bolen, Executive Director of the MHC.
Created in 1989, the Mississippi Home Corporation is tasked with enhancing the state’s long-term economic viability by financing safe, decent, and affordable housing for Mississippians. Since Hurricane Katrina, the MHC has worked in conjunction with Governor Barbour’s comprehensive housing strategy to provide assistance programs to storm victims, particularly low-to-moderate income homeowners and renters. In this capacity, the MHC administers programs including the Mortgage Revenue Bond and Housing Tax Credit program.
For more information on the Housing Tax Credit program or the Mississippi Home Corporation, contact 601.718.INFO (4636) or visit www.mshomecorp.com.
A complete listing of the developments approved to receive Housing Tax Credits is found below:
Goodman Apartments, 24 units
Swinney Apartments, 47 units
Jeffersonian Apartments, 47 units
Cade Chapel Senior Apartments, 53 units
Hallmark Gardens Apartments, 96 units
Bayside Village, 57 units
Caffey Apartments, 36 units
Pinecrest Manor, 36 units