Jackson, MS – October 17, 2013 – (RealEstateRama) — The Mississippi Home Corporation (MHC) awarded approximately $8.7 million of Housing Tax Credits to developments across the State. Financing provided by the sale of the tax credits to investors will help developers build or rehabilitate 959 units in 11 different Mississippi counties. A total of 20 developments statewide are expected to create almost 50 construction jobs and generate $17.9 million in construction wages. A full list of the 2013 awards is available at MHC’s website, www.mshomecorp.com.
Over 90% of the units will be built in designated Health Care Zones, which were established by the Health Care Zone Industry Act in 2012. “These housing tax credits are an integral part of our approach to applying Health Care Zones and clustering to economic development,” Governor Phil Bryant said.
The Housing Tax Credit program remains the leading producer of affordable housing across Mississippi, according to Dianne Bolen, Executive Director of MHC. “This program uses established public and private sector partnerships to provide much-needed financing for all types of affordable housing developments, from lease-purchase subdivisions to much-needed acquisition and rehabilitation of existing developments.”
MHC awards Housing Tax Credits to developers on a competitive basis. Because demand for the credits outpaces supply at a rate of 3 to 1, MHC sets forth scoring criteria to encourage developers to supply amenities and services for tenants. By incentivizing developers to provide after school programs, GED classes, clubhouses, playgrounds, etc., MHC helps provide the best possible quality affordable housing to Mississippians.
Parties interested in the Housing Tax Credit program or who wish to learn more about the Mississippi Home Corporation should contact MHC directly at 601.718.INFO (4636) or at www.mshomecorp.com.
The Mississippi Home Corporation was created by the State in 1989 to serve as the State’s Housing Finance Agency. In that capacity, MHC administers the Mortgage Revenue Bond program and the Housing Tax Credit program, among others. MHC’s mission is to enhance Mississippi’s long-term economic viability by financing safe, decent, affordable housing and helping working families build wealth.
Senior Vice President, Corporate Communications
Scott.spivey (at) mshc (dot) com