PURPOSE: This rule establishes guidelines to assist the Missouri Housing Development Commission in the implementation of the Missouri Housing Trust Fund and allows the commission to comply with the provisions of H.B. 1745 (affordable housing). This rule applies solely to the designated funds received from the user fee established in section 59.319, RSMo, or other funds as determined by the commission.

Editor's Note: The following material is incorporated into this rule by reference: 1) Internal Revenue Code, section 42(h)(5)(C), (Washington: U. S. Government Printing Office, 1994). In accordance with section 536.031(4), RSMo, the full text of material incorporated by reference will be made available to any interested person at the Office of the Secretary of State and the headquarters of the adopting state agency.

1. (1) Missouri Housing Trust Fund moneys shall be used to financially assist, in whole or in part by loans or grants, the development of housing stock and/or to provide housing assistance to low income persons at or below fifty percent (50%) of the median family income for the geographic area, adjusted for family size. At least fifty percent (50%) of the loan or grant funds awarded over each two (2)-year period shall be used to assist low income persons at or below twenty-five percent (25%) of the median family income for the geographic area, adjusted for family size. Moneys in the Missouri Housing Trust Fund shall be used solely for the purposes established by sections 215.035—215.038, RSMo and defined in this section.
2. (2) At the conclusion of each fiscal year, the state treasurer shall disburse all moneys in the Missouri Housing Trust Fund to the commission for disbursement and investment as directed in sections 215.035—215.038, RSMo.
3. (3) The commission shall administer the Missouri Housing Trust Fund and all administrative costs of this program incurred by the commission shall be paid from Missouri Housing Trust Fund money, which costs annually shall not exceed two percent (2%) of the net annual revenues received into the Missouri Housing Trust Fund.
4. (4) The commission shall annually commit or expend the money deposited or earned in the commission designated Missouri Housing Trust Fund.
5. (5) During each two (2)-year period, at least thirty percent (30%) of the funds disbursed shall be disbursed or committed to or through housing provider organizations which qualify as a "not-for-profit" organization as defined in Chapter 355, RSMo, or section 42(h)(5)(C) of the Internal Revenue Code of 1986.
6. (6) The executive director of the commission shall annually appoint an advisory committee representing diverse housing interests to advise the commission staff on policy and guidelines for the Missouri Housing Trust Fund.
7. (7) The commission shall provide the application forms to housing provider organizations wishing to apply for, in whole or in part, loans or grants for the development of housing stock and/or to provide housing assistance to low income persons.
8. (8) In administering the Missouri Housing Trust Fund, the commission may, in its discretion, enter into agreements with municipal or county government entities that meet the purposes of the Missouri Housing Trust Fund established in sections 215.035—215.038, RSMo.
9. (9) The commission shall publish an annual report which shall include, but not be limited to, the types of developments assisted and fund expenditures made by the Missouri Housing Trust Fund. The commission shall submit copies of such annual reports to the governor and the members of the general assembly on or before January 15 of each year.

AUTHORITY: section 215.030(5), (12) and (19), RSMo (1994).* Original rule filed Sept. 18, 1995, effective Feb 25, 1966. *Original authority 1969, amended 1974, 1982, 1985, 1989, 1993.