$15 million in Missouri Housing Development Commission (MHDC) reserve funds have been allocated for the funding of the new Home Ownership Purchase Enhancement Program (HOPE). Qualified Missouri families that purchase a home in 2010 are eligible for an incentive payment of up to $1,250, based upon the home’s real estate tax bill amount. 

Homebuyers who are approved for the real estate property tax HOPE incentive may also be eligible to receive an additional incentive if purchasing a newly-constructed, energy-efficient home or if energy-efficiency upgrades are made within 60 days of purchase. The maximum combined total of incentive payments under the HOPE program is $1,750.

To qualify, homebuyers must submit an application to MHDC after completing a home purchase. Only homebuyers who entered into a contract on or after January 1, 2010, are eligible.

The HOPE incentive funds are provided in the form of a loan, which does not charge interest or require payments. The recipient must repay the entire amount received if they fail to occupy the residence for at least one year from the date they receive the payment. Both first-time and repeat buyers are eligible for the HOPE program, as long as they meet income guidelines.

Qualifying energy-efficiency upgrades include the following: installing high-performance windows, house wraps, programmable thermostat controls, water-efficient toilets and faucets, and energy-efficient water heaters, lighting and appliances; sealing, heating and air conditioning; ductwork; professional caulking; insulating water heater pipes; increasing the R-value of insulation in crawl spaces and attics; conducting on-site energy inspections and tests, including a blower door  that tests the overall energy efficiency of the house, and a duct blaster test that tests how much the air ductwork leaks.

The funding of $15 million is available on a first-come, first-serve basis, which is based upon the date and time an approved application is received. 

For more details on the HOPE program, visit the MHDC website at www.mhdc.com.

Don’t forget to attend a Free Friday Focus Workshop on the HOPE Program at KCRAR on April 16 to learn about the program and how it can help your business now. See details here.