January 04, 2010
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http://www.mhdc.com

Although the housing market got off to a rocky start in 2009, Missouri Housing Development Commission was able this year to provide innovative new programs and affordable mortgage financing to thousands of Missourians. The attached press release, which is also copied below for your convenience, details the many accomplishments achieved by Missouri Housing Development Commission’s homeownership programs during 2009. The highlights of this impressive report are outlined below:

  • In 2009, MHDC had successful single family mortgage revenue bond sales totaling $115 million.
  • MHDC also provided 3% cash assistance in the form of a second mortgage to homeowners to use at the closing table.
  • MHDC administered two alternative down payment assistance programs in 2009: the Tax Credit Advance Loan (TCAL) program, which monetized the federal first-time buyer credit, and the Neighborhood Stabilization Program (NSP) that provided buyers of foreclosed homes up to $14,999 in assistance. The TCAL program, which was first implemented in Missouri, won a national award from National Council of State Housing Agencies, and together with NSP, assisted over 1,600 Missouri residents with home purchases.
  • In July 2009, MHDC committed an additional $3 million in funds to its refinance program that allowed borrowers to receive up to $13,000 for down payment assistance and to off-set negative equity some owners may have had.
  • Thanks to the New Issue Bond Program (NIBP) announced by the Obama administration in October 2009, MHDC was able to complete the sale of $260 million in NIBP program bonds. Coupled with $174 million in market bonds sold in the capital markets during 2010, this will provide mortgages to approximately 4,300 Missouri homebuyers.
  • In total, MHDC sold $390 million in single family mortgage revenue bonds in 2009, and committed $34.7 million in resources to provide further assistance to borrowers.
  • Missouri’s first-time homebuyer market will be well-served as a result of MHDC’s success in securing alternative funding sources and the establishment of innovative programs during 2009.
     
Attachments
File: 
MHDC Provides Millions to Homebuyers in 2009.pdf